The USD/JPY
breaks to the downside the bullish trend line that we have drawn on the daily
chart and comes near the 109.00 level. The 109.00 level may act as support and
the pair may continue oscillating around the 55 day EMA, purple line, without
taking a clear direction. However, if the price breaks below the 109, then it
may find some support at the 107.00 level or the latest low at the 105.52
level. To the upside, the 111.00 level has acted as a resistance, but above
that level, the 112.00 level may also act as resistance in case the price goes
back up. The 114.00 level along with the 200 day EMA, blue line, may also act
as resistance.
Big drop on USD/JPY.
ReplyDeleteI'm waiting for a pull back to make my short entry.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteVery accurate analysis!
ReplyDeleteGreat analysis as usual.
ReplyDeleteIt's likely headed for 107.50 - 107.00.
ReplyDeleteI'll keep those levels in mind, thank you.
ReplyDeleteStill dropping from 111 level and currenly visiting 108.
ReplyDeleteHelpful analysis, thank you.
ReplyDelete