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.
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