Friday, 15 April 2016

USD/JPY Is Moving to the Downside Again




USD/JPY found some resistance at 109.60, formed a hanging man candlestick below that level on the daily time-frame and started moving to the downside again. Currently the pair is testing the support at 108.60, and should the pair break below that support we will likely see a further drop towards the previous low at 107.62. The continuation of the bearish trend, however, would not be confirmed before the pair breaks below the previous low, which is also a very strong support level visible on the monthly time-frame. If it does, I think it will continue falling towards 103.60, which coincides with (MA)89 on the monthly time-frame as well.
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4 comments:

  1. Unknown15 April 2016 at 18:42

    Bearish, break below today's low maybe lead to further decline.

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  2. Unknown16 April 2016 at 01:41

    Good resistance and support levels.

    ReplyDelete
  3. Unknown16 April 2016 at 03:14

    It gave us the opportunity for a few good shorts.

    ReplyDelete
  4. Unknown17 April 2016 at 05:20

    Very helpful analysis, I will keep it in mind.

    ReplyDelete

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