TECHNICAL ANALYSIS USD/JPY
1 Hour Intraday Trading
USDJPY after formatting a new top at 103,75 which is
the highest price since 24th of January, started to move downwards
breaking the uptrend trend line, the
50MA and also some important support levels which turn to be resistance since
then. Now the price seems to consolidate before making the next move, something
that shows us that there is going to be another between Bulls and Bears….
SCENARIOS
As price movement stopped at S1 after a downward rally
of 129 pips we expect price to retrace back, trying to correct the trend and
maybe reach the R1 level at 102,23.If downward trend line don’t manage to keep
the price beyond, then we are going for higher prices in the next days.
A possible break out below the S2 support will alert a
new rally to lower levels as the battle of bull and bears will have a winner,
and they will try to push the price as low as they can.
INDICATOR ANALYSIS USD/JPY
Info presented by Vista Brokers
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