USDJPY Weekly Analysis April 3rd - 7th
On a weekly time frame, the 200SMA acted as a dynamic support as the market just bounced from that 200 moving average. Just before the market hit the recent resistance level of 118.29 area, there was a strong buying pressure but the following downward rally is less convincing which suggest that there are not enough sellers willing to take the price down.
On a daily time frame, the market may have breakout below the range bound market (115.38 - 111.67) but this suggest that it may just formed an expanded range (110.00 - 118.20).
In correlation to DXY chart where the dollar shows bullish momentum, it may be not wise to sell in spite of the recent bearish movement.
SL @ 109.94
Buy Stop @ 111.711
TP @ 118.140
On a daily time frame, the market may have breakout below the range bound market (115.38 - 111.67) but this suggest that it may just formed an expanded range (110.00 - 118.20).
In correlation to DXY chart where the dollar shows bullish momentum, it may be not wise to sell in spite of the recent bearish movement.
SL @ 109.94
Buy Stop @ 111.711
TP @ 118.140
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Related publications
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.