USD/JPY
reached the resistance at 104.30 and bounced off of it, unable to continue
climbing any higher, then dropped to the support at 101.50 visible on the daily
time-frame and formed a very obvious hammer candlestick above that level before
retracing from it. Currently the pair is testing the resistance at 102.60 and I
think that a possible breakout above that level would lead to a further move to
the upside, towards the next resistance at 103.00 – 103.20. A breakout above
that resistance level in turn would mean that the pair will likely attempt to
break above the previous high at 104.30 once again.
It seems to have found some support.
ReplyDeleteGreat analysis as usual.
ReplyDeleteMild downside pressure remains.
ReplyDeleteIn agreement with your post.
ReplyDelete