USDJPY bearish scenario:
On Friday USD/JPY consolidates the heaviest daily loss since March 2020, bouncing off a 13-day low. That happened after WHO termed Omicron as a “variant of concern”, Japan tightens border controls. Looking forward, the virus developments in the West will be particularly more important for the USD/JPY traders, which in turn highlights today’s speech from US President Joe Biden to update on the US reaction to the COVID-19 variant. Additionally, comments from Fed Chairman Jerome Powell will be observed closely for fresh impulse too.
In this pair, technical analysis shows a technical figure Rising Wedge. The Rising Wedge broke through the support line on 27/11/2021. USDJPY is forming a bearish formation on a daily chart. If the price holds below this level, we will have a possible bearish price movement with a forecast for the next 18 days with a target of 111.29. According to the experts, your stop loss should be around 115.52 if you enter this position.
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In this pair, technical analysis shows a technical figure Rising Wedge. The Rising Wedge broke through the support line on 27/11/2021. USDJPY is forming a bearish formation on a daily chart. If the price holds below this level, we will have a possible bearish price movement with a forecast for the next 18 days with a target of 111.29. According to the experts, your stop loss should be around 115.52 if you enter this position.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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