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/ .
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.
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