The USD/JPY pair is trading in its resistance zone on a 30-minute time frame. The price has taken its downward-trend line and it is trading above its upward-trend line which shows that the momentum has changed hands from bears to bulls. The pair is also trading above its 50 day (shown in green) and 100 day (shown in yellow), which further strengthen the above argument. However, the RSI is showing a clear sign of deflection in relation to the price action which means that the price is making higher highs and the RSI is not. Therefore, the bias could be to the downside.
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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
- 93.04-92.48 Major
- 90.85-90.31 Major
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