USDJPY Price Action

The USDJPY price action has proved to be a promising trade.The Pair has broken past resistance level.108.577 .This was our predetermined SR level from our last post on the 2nd of June. Since then the pair has then formed a new higher high from the previous high. Thus, also clearing fibonacci 23.6 which also acted as a resistance area.On the H4 chart.You will notice that fibonacci 23.6, acts as a new support level for price. We think that price might hold steady at the level for the up coming weeks.

USDJPY Price Action
USDJPY H4 chart 9 june 2020

It is safe to say that since price resisted breaking through so many times. Level 110.189 is our new resistance level. If we take a closer look at the H4 time frame we see how price has touched the bullish channel line.Now, we wait to see how price will act in this position. The Fibonacci 23.6 level which will be acting as a support if price retraces from its position.

USDJPY Price Action
USDJPY daily chart 9 june 2020

USDJPY Price Action

We’ve seen price soar 200 pips bullishly since breaking the long term bearish trendline. And, we continue to see price move to level 110.189. If price breaks level 110.189 ,we could see the pair move to our target area set at level 111.669 .However, if price reverses. The fibonacci level could act as our support level. On the weekly chart, price formed a bullish Engulfing candlestick. This signal alone shows potential bullish continuation in the upcoming weeks.Our analysts will keep a watch on the USDJPY price action for entry opportunities for more information subscribe to our Smart plan

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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