USDJPY

The USDJPY pair has been on a bullish trend for the past months now. We have seen price break major resistance level and form higher highs. We spoke about this pair last month. The link below can be used as reference to the previous post. https://fxsits.com/will-the-usdjpy-price-continue-its-trend-direction/ .

USDJPY Daily chart 17 March 2021
USDJPY Daily chart 17 March 2021

Today price trades below its major resistance level 109.371 above support level 108.321. In the chart we can see price consolidating within the levels. It is at this level we see how price prepares for a major move either bullish or bearish . You may also notice how price also finds support from the long term H4 bullish trend line.

Our analysts believe that if the USDJPY pair breaks its major Resistance level. Then we may see a new higher high being formed in the up coming market sessions. However, if price does retrace and break past the level 108.321. Then level 106.940 will be exposed .Thus being our next bearish target. Our prediction. We believe the USDJPY is over bought on the H4 time frame. Our analysts expect a pullback before we possibly see it soar bullish again.

USDJPY H4 chart 17 March 2021
USDJPY H4 chart 17 March 2021

We carefully watch as price reacts on the major levels to know what direction the market will be taking. Get all attached chart with write up for proper understanding.

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 the risk warning before deciding to trade the markets.

Follow Us

Leave a Reply

Your email address will not be published. Required fields are marked *