USDJPY was looking promising in the morning of the European session and it looked like it will continue heading up. But the pair got held by a good resistance level at around 106.350, which forced it to push towards the 105.550 area, where it is currently finding its support.
Our bias is still to the downside, as the downwards-moving trendline, that started on the 8th of January, has not been broken yet and seems to be holding the pair from heading back up. USDJPY could push towards the psychological 105 level, if it breaks the 105.550 again.
On the upside, because the 106.350 proved to be a good resistance, a move above it could push the price to test the aforementioned downtrend from underneath. A break of that could indicate, that the interest from the bulls is coming back in and the USDJPY could get a move towards the 107.900.
Currently, I am LONG, but only for a bit, with a STOP at 105.550.
Our bias is still to the downside, as the downwards-moving trendline, that started on the 8th of January, has not been broken yet and seems to be holding the pair from heading back up. USDJPY could push towards the psychological 105 level, if it breaks the 105.550 again.
On the upside, because the 106.350 proved to be a good resistance, a move above it could push the price to test the aforementioned downtrend from underneath. A break of that could indicate, that the interest from the bulls is coming back in and the USDJPY could get a move towards the 107.900.
Currently, I am LONG, but only for a bit, with a STOP at 105.550.
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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.