In the past we had the 1.81250 Resistance area respected multiple times before it was actually broken. Now that Resistance is broken as we all know this area has turned into Support. We can also see that the market has created a Bearish Trend Line with lower highs and lower lows,this means that if price first respects the Bearish Trend Line and later breaks the...
In the past we had the 1.81250 Resistance area respected multiple times before it was actually broken. Now that Resistance is broken as we all know this area has turned into Support. We can also see that the market has created a Bearish Trend Line with lower highs and lower lows,this means that if price respects that area 1.81250 of Support and doesnt break it but...
We are currently on a downtrend on USDJPY with price hovering above the 104.000 area which has been respected two times already in the past few weeks. If price decides to break this strong support (104.000) we could be looking for a short position with a best case senario drop to the 102.000 area. There is also a big propability that price respects this support...
We are currently moving on an uptrend. This means that if price reverses and breaks both the trend line and the support level, we will be looking for Short on GBP/USD with a possible TP at the previous HLs or at the start of the trend line itself.
USD/JPY Analysis for the upcoming week! Secure the BAG.