USDJPY

Howdy ,Today we take a look at the USDJPY currency pair .We lastly reported on this pair in May. This was when price was about to resume its bullish trend after a deep pullback . Click on the link to view the previous analysis https://fxsits.com/will-the-usdjpy-resume-its-bullish-price-action/. In today’s post we see how price has moved a considerable amount bullishly. Price currently trades at level 110.965 which acts as our major resistance level.

USDJPY H4 Chart 23 June 2021
USDJPY H4 Chart 23 June 2021

We believe that If price breaks and holds above level 110.965 .Possibilities are we could see the pair form new higher highs of 2021. We may also see a long term bullish price action for the the pair. However, if price finds resistance at level .Then we could see price retrace back to level 109.246 where it finds support. If price doesn’t happen to hold at the said level . Then we could see the pair retrace to level 108.435 where it might find support .

The USDJPY currency pair at this point seems to be an indecision. Our analysts at fxsits are watching the pair. We currently rely on price formation and indicators to know which direction the pair will trade in the up coming market sessions. Attached are charts for proper reading and understanding the analysis so that you know how and when to trade the pair and profit from it.

USDJPY Daily Chart 23 June 2021
XAUSD H4 chart 21 may 2020

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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