The USD/JPY pair bounced from its support zone on a 30 minute time frame. This support zone was given in our analysis the 29th of May. The price has closed well above the 50 day moving average and has also taken out the 100-day moving average. This indciates that the bulls have finally woken up and taken control.
The RSI is trading inline with the price action, which means bias could be towards the upside.
USD/JPY M30" title="USD/JPY M30" width="1451" height="734">
Important Levels
Resistance Zone
102.58-102.36 Minor
103.19-102.97 Major
103.97-103.70 Major
Support Zone
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