USDJPY : US DOLLAR CHOPPY PRICE ACTION AGAINST JAPANESE YEN
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Technical Analysis : Price action as been choppy for USDJPY, We see a clear range between 109.500 and 107.
I see no changes in the technical view of the USD/JPY pair even with a choppy price movement, it remains stable below the 108.00 support amid stronger control of the bears on performance, and risk aversion will remain supportive of this trend and foreshadow a downward movement towards support levels at 107.55 and 106.90 And 106.00, respectively. There will be no control of the bulls on performance without moving above the 110.00 psychological resistance.
At the 106.9 level I expect to see a certain amount of support, so if we were to break down below that level it’s likely that we could see a downturn towards the 105 level. On the other hand, if we turn around and rally it’s likely that we could go to the 109 level where I see a significant amount of resistance. A break above this level allows the market to go to the 111 level but it certainly looks as if the downward pressure seems to be winning the day now though.
Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial.
You should therefore carefully consider whether trading is suitable for you in the light of your financial condition.
Goodluck !
I see no changes in the technical view of the USD/JPY pair even with a choppy price movement, it remains stable below the 108.00 support amid stronger control of the bears on performance, and risk aversion will remain supportive of this trend and foreshadow a downward movement towards support levels at 107.55 and 106.90 And 106.00, respectively. There will be no control of the bulls on performance without moving above the 110.00 psychological resistance.
At the 106.9 level I expect to see a certain amount of support, so if we were to break down below that level it’s likely that we could see a downturn towards the 105 level. On the other hand, if we turn around and rally it’s likely that we could go to the 109 level where I see a significant amount of resistance. A break above this level allows the market to go to the 111 level but it certainly looks as if the downward pressure seems to be winning the day now though.
Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial.
You should therefore carefully consider whether trading is suitable for you in the light of your financial condition.
Goodluck !
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Nota
106.9 acting as support already !Nota
Price is below 106.9 support already, a downturn towards 105 is expected.
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