The USD/JPY fell from its resistance on a 60 minute time frame as predicted. The resistance zone was given in our analysis yesterday. The pair is trading near the 100day (shown in yellow) moving average, which may act as a minor support, however, a break of this could increase the selling pressure further. The price is about to break its rising wedge which further strengthens the above argument.
The RSI is trading in line with the price action which means that the bias could be to the downside.
Important Zones
Support Zone
101.76-101.59 Minor Support
100.47-100.26 Major Support
Resistance Zone
104.41-104.16 Major Resistance
103.54-103.30 Minor Resistance
Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam