USD/JPY had a tough time holding above the key level of 106. The pair dipped to a low of 105.62 thus making a double bottom with the previous low of 105.58. Bulls were able to quickly react to this move and managed to push price above the 106 making a high for the day of 106.34.
Main trend on the long-term remains bearish but a bullish correction might be expected that could propel price to levels around 107.30-107.50. Until then, consolidation is destined to rule caused by low volumes in anticipation of market movers.
Chart: USD/JPY D1
Indeed a strong support level!
ReplyDeleteThe pair finally broke below 106.00.
ReplyDeleteIt's still consolidating while waiting for the fundamentals.
ReplyDeleteYen would probably continue to rise on safe-haven demand.
ReplyDeleteThank you for the relevant information.
ReplyDeleteThe pair is moving downwards and currently is testing 103.50 level.
ReplyDeleteVery good post.
ReplyDelete