The USD/JPY pair bounced from its support zone on a 30 minute frame. The price has broken the upward channel (shown in orange lines), which represents weakness for the price action. The pair is also trading below the 50- and the 100-day moving averages which means bulls have lost their control.
However, the RSI is trading in line with the price action, which means bias could be to the upside.
USD/JPY" width="1442" height="754">
Important Levels
Resistance Zone
103-.70-103.19
102.52-102.03
100.44-99.93
99.48-99.14
Support Zone
95.57-94.95
93.04-92.48
90.85-90.31
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