Wednesday, August 10, 2016

Possible bearish continuation on the USD/JPY

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.


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