On the 4
hour chart of the USD/JPY we can see that the pair has bounced to the downside
from the 55 period exponential moving average, purple line. The bearish bounce
has taken the price very close to the 100.66 support zone. The pair may
continue dropping towards that level and it may try to break it. Either way, a
visit to the 100.66 level may provide an opportunity to enter the market in a
breakdown or a bounce. To the upside, the 102.00 level may act as resistance
along with the 102.44 level where we can find the 55 EMA. Above that zone, the
next resistance could be the 103.00 level.
Thank you for the analysis.
ReplyDeleteI fully agree with your analysis.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteHelpful post, thank you.
ReplyDeleteUseful onformation shared, thank you!
ReplyDeleteGreat analysis! Congratulations.
ReplyDeleteVery useful article.
ReplyDelete