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USD/JPY: Support Broken, Further Downward Pressure Continues

ByAvaTrade
AuthorAvaTrade
Published 06/13/2013, 07:10 AM
Updated 02/02/2022, 05:40 AM
USD/JPY
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ACT
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The USD/JPY pair has broken its support zone on a 30 minute time frame. This was not a fresh level of support, so there was much less probability of this support zone to hold. That was the reason that we marked this support zone as a minor support zone. The price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages, indicating that the bears are still in strong control.

The volatility for the pair remains high, as the price has pierced the Bollinger Band® and is trading far enough from its 20-day moving average. The RSI is trading in line with the price action, which means further 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

Support Zone
95.57-94.95 Minor (not valid)
93.04-92.48 Major
90.85-90.31 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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