The USD/JPY currency chart is displaying a nicely formed bull flag perfectly located at the top of a multi-hour trend on the one-hour time frame. 23.6 fib and flag support line at (1) need to hold in order to keep the flag intact. However further weakness below (1) will negate this bull flag set-up for further upside and should be construed as a sell signal for the short term, which will most likely result in the pair revisiting the 5th of Oct ‘20 highs at 10579.5 as a first target to watch out for during today’s session.
Alternatively, a price advance above the flag resistance line at (2) should result in a measured move back up at the 10610.9 region.
Alternatively, a price advance above the flag resistance line at (2) should result in a measured move back up at the 10610.9 region.
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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.