14.09.202013:16 Forex Analysis & Reviews: Trading plan for USDJPY

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

We remain bearish USDJPY as price remains below the key long-term downward sloping trend line resistance. Price has made another lower high and shows rejection signs at the 106.30 area. If this price action is combined with a break below short-term support, then we should expect another move lower towards 104.

Pink line - resistance

With resistance confirmed at 106-106.30 area, we keep a close eye on short-term support at 105.90 and next at 105.35. Bulls need to break below these two key support levels in order to push lower towards 104.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.