USDJPY forming another lower high

Trading 14 oct 2020 Donner votre avis

USDJPY managed to rise all the way to 106.11 last week but this week JPY is stronger and pushing price lower. Technically the rejection at 106 and reversal are a bearish sign. USDJPY could continue lower towards the major support area of 104.70-104.50.


Blue line - support

Red line- resistance

Pink line - longer-term resistance

USDJPY got rejected at the first trend line resistance and is pulling back down. The chances of breaking eventually below 104.50 are high. Such a break down will put pressure on price and we could see a fast decline towards 103. This week's high at 105.80 is key resistance. A weekly close above this level will be a bullish sign for the following week.

The material has been provided by InstaForex Company -

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