The US dollar made a significant rally against the Japanese yen for the past few days and weeks even. From a technical standpoint, the weekly time frame signals a huge indecision with regards to last week's price action. The pair traded higher, but ultimately closed not far from its open. This signals that the bullish momentum could be over and we may be seeing a reversal especially over on the lower daily and 4-hour timeframe even. Stay tuned for an update of the daily time frame analysis. While it is definitely too early to take a short trade, this pair is definitely a worthy monitor.
Note
This is a daily outlook for this USDJPY pair. As you can see that this pair is successfully holding up against the resistance level. I'd personally like to wait for this pair to make a higher high and a higher low on the daily time frame before I consider any sort of sell entry.
Note
Weekly resistance is still holding strong. We are beginning to see this pair making lower lows.
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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.