Since USDJPY rebounded off strongly from its 2018 low at 104.6, the price found strong resistance at a 2-Year supply zone around 114.
The price has fallen into a prolonged range since the beginning of October and price was seen rejected again as it approached 114 in early November.
As we are approaching December, there's is a high possibility that the price may get rejected once again as it reaches the peak near 114 again.
The technical formation which shows an ABCD formation forming near the top of the range does favour the downside.
Let's wait for the price to reach 113.60 supply zone and await a reversal signal.
The price has fallen into a prolonged range since the beginning of October and price was seen rejected again as it approached 114 in early November.
As we are approaching December, there's is a high possibility that the price may get rejected once again as it reaches the peak near 114 again.
The technical formation which shows an ABCD formation forming near the top of the range does favour the downside.
Let's wait for the price to reach 113.60 supply zone and await a reversal signal.
Note
Wow, look at the rebound from 112.3 supply zone.As of now, it does seem that the highs are getting lower.
Let's watch 113.2 for any reversal signal.
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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.
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.