30.11.202018:08 Forex Analysis & Reviews: USDJPY remains vulnerable to a move towards 103.

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.

USDJPY continues to make lower lows and lower highs since May and the high at 109.85. Price has formed a bearish channel that is respecting since May and so far there is no sign of changing this. That is why we expect next price to reach 103 area or lower.

Red line - upper channel boundary resistance

Green line - lower channel boundary support

USDJPY is now trading at 104.30. Recent high and rejection occurred at the 105.70 area. Price now has resistance at 105.10 and support at 103. Staying inside the bearish channel is expected to continue for some time and price to reach 103 and even lower levels. Our view will change if bulls manage to recapture 106 and start making higher highs and higher lows. Until then we prefer to sell close to the upper channel boundary.

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.