The USD/JPY pair has formed a double bottom - a bullish pattern on a 30 minute time frame. However, the descending triangle – a bearish pattern - is also in play, and this will not be completed until the price reaches close to its full projection zone which is at the 98.08 support level. The pair is still trading below the 50 day (shown in green) and the 100-day (shown in yellow) moving averages, which suggests that the bears are still in control of the price action.
The RSI is trading in line with the price action, meaning bias could be to the upside.
USD/JPY M30" title="USD/JPY M30" width="1436" height="742">
Important Levels
Resistance Levels
103.97-103.70 Major
103.19-102.97 Major
100.65-100.46 Minor
Support Zone
98.83-98.56 Minor
98.08-97.91 Major
97.15-96.96 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