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USD/JPY: A Bullish Pattern Has Formed

Published 06/06/2013, 07:53 AM
Updated 02/02/2022, 05:40 AM
USD/JPY
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ACT
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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.
<span class=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

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