USD/JPY – Bearish move likely
Despite recovery from the low of 103.16 (Wed low) and a positive move to 104.10 on Thursday, the subsequent failure in today’s Asian session at a high of 104.21 followed by a drop to 103.80 suggests the pair could revisit 103.16 – 102.80 levels before making another attempt at breaching the September high of 104.32 on daily closing basis.
On a larger scheme of things, only a daily close below 100-DMA level of 103.00 would bring in a more sustained weakness to 5-DMA, while a daily close above 104.32 would open doors for further upside towards 105.00-105.00 levels.
On a larger scheme of things, only a daily close below 100-DMA level of 103.00 would bring in a more sustained weakness to 5-DMA, while a daily close above 104.32 would open doors for further upside towards 105.00-105.00 levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.