The USD/JPY pair fell from its resistance on a 30 minute time frame as predicted. This resistance level was given in our analysis yesterday. The price is visiting the same level again for the third time and there are more chances that this level may not hold anymore this time. The price is trading above the 50-day (shown in green) and 100-day (shown in yellow) which means that the bulls have taken the control. The RSI is also trading in line with the price action which means that the bias could be to the upside.
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Important Levels
Resistance Zone
103-.70-103.19 Major
102.52-102.03 Major
100.44-99.93 Minor
99.48-99.14 Minor
98.14-98.45 Minor (may not hold this time)
Support Zone
93.04-92.48 Major
90.85-90.31 Major
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