USD/JPY finally stopped its move up north just below 89.65. The price created a triangle that was broken yesterday, early in the Asian session. The price went straight to the first support located at 88.92 and after a few attempts, sellers managed to break it and create an important resistance for the rest of yesterday’s session. The second support was taken from last Thursday’s session and was located at 88.35. It was strong enough to hold the bearish movement, at least on Tuesday.
USD/JPY_S&R" title="USD/JPY_S&R" width="614" height="328">
88.35 was broken in the early Asian session and for now, it will be the closest resistance that sellers should use for continuing the bearish correction.
The next supports are located at 88 and 87.75. 88 was touched a few times during the night and 15 minutes candles with their long lower wicks indicate that for now, it will be quite a strong demand level. As long as the price will stay between 88 and 88.35, we can use those lines to open long and short positions accordingly. Breaking one of those should set the sentiment for the next few hours, with a possibility of a good trading opportunity, so traders can consider watching those lines with buy/sell stops orders placed slightly above and below S/R levels.
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USD/JPY Expands Its Bearish Correction
Published 01/16/2013, 06:44 AM
Updated 01/31/2022, 02:45 AM
USD/JPY Expands Its Bearish Correction
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