USD/JPY is caught in a tight situation right now as bulls are faced with the resistance they have been trying to take over since last month. In order for a bullish trend to be continued we need a close above 111.80. Until then, bulls have the heavy task to break away from the bearish grip as bears try to push price down below 110.00.
Right now, the pair is trading at resistance at 111.40 while first support is 110.45. It is still not clear if what we have is a bullish trend so if you do not have any open long positions, you might want to wait for a confirmation.
Chart: USD/JPY D1
Helpful article!
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteBearish correction, maybe?
ReplyDeleteThe pair bounced off the resistance.
ReplyDeleteI wonder whether the bearish trend will continue.
ReplyDeleteGood pullback.
ReplyDelete