USDJPY confirms cloud support and bounces to new higher highs

Trading 07 nov 2019 Donner votre avis

USDJPY remains inside a bullish channel and making higher highs and higher lows. Trend is clearly bullish as we explained in previous analysis. Today we see why price bounced off 108.65 to new short-term highs.

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Green lines -bullish channel

So far USDJPY has respected the lower channel boundary. Price has remained inside the bullish channel and that is another reason why we remained bullish as well. Price is making new higher highs but we have a slight bearish divergence in the Daily RSI.

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Orange rectangle - support

USDJPY pulled back towards the tenkan-sen (red line indicator) and held above it. Price bounced off this support area and is making new highs. In Ichimoku cloud terms trend remains bearish and today's low is important for the short-term trend and could be used as stop from traders.

The material has been provided by InstaForex Company - www.instaforex.com

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