The USD/JPY pair fell from its resistance zone on a 30 minute frame. This resistance zone was given in our analysis yesterday. The price has broken the upward trend line (shown in white) which represents the weakness for the price action. The pair is also trading below the 50-day and above the 100-day moving averages which means the bulls are losing their control.
However, the RSI is trading in line with the price action which means bias could be to the downside.
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Important Levels
Resistance Zone- 103-.70-103.19
- 102.52-102.03
- 100.44-99.93
- 99.48-99.14
- 95.57-94.95
- 93.04-92.48
- 90.85-90.31
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