The USD/JPY pair has formed a fresh support zone (indicated below) on a 30 minute frame, and has bounced strongly back up from this level. The price action is trading above the 50- and 100-day moving averages, which means the bulls are strongly in control of the price action. The pair is also trading above the upward trend line and has not broken this trend line so far, which represents further strength for this trend.
However, the RSI is showing a small sign of deflection in relation to the price action, which means bias could be to the downside.
USD/JPY M30" width="1443" height="742">
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