💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

USD/JPY Fell From Its Resistance As Predicted

Published 05/23/2013, 08:46 AM
Updated 02/02/2022, 05:40 AM
USD/JPY
-
ACT
-

The USD/JPY pair fell from its resistance on a 30 minute time frame, as we predicted on May 20. The price is trading well below the 50 day (shown in green) and the 100 day moving average, which suggests that downward pressure is very strong. The volatility for the pair is also at an extreme level, as the price has pierced the Bollinger Band® and it is far off from its 20 day moving average. However, the price action is approaching near the minor support zone which could push the price back up. The RSI is trading in an oversold zone which means bias could be towards the upside.
<span class=USD/JPY M30" title="USD/JPY M30" width="1455" height="742">
Important Levels Resistance Zone 103.97-103.70 Major 102.12-101.92 Minor Support Zone101.07-100.83 Minor 100.65-100.46 Minor 99.32-99.12 Major 98.08-97.91 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

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.