USDJPY

We last wrote about the USDJPY price action last November. Since then , the pair has retraced from its long term bearish movement . In that post price found support at level 102.660. Today price trades at 104 and fails to break past level 105.780 which currently acts major resistance level. Here is a link to the previous analysis of USDJPY https://fxsits.com/usdjpy-price-pattern-signals-for-continuous-sell/ .

USDJPY Daily chart 11 February 2021
USDJPY Daily chart 11 February 2021

Looking at the H4 and daily charts we see how price consolidates around the 104 level. This level acts as our support level . For price to resume and continue its bearish trend. Sellers need to push the market bearish below support level 104 . On the other hand if price finds support and retraces bullish we could see price move to its major resistance level 105.

We at FXSIST still hold a long term bearish price movement for the pair in a long term. Get all charts analysis attached for your proper understanding.

USDJPY H4 chart 11 February 2021
USDJPY H4 chart 11 February 2021

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