28.03.202214:24 Forex Analysis & Reviews: USDJPY challenged major long-term resistance.

Long-term review

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 is in a strong upward move for a fourth consecutive week and has already reached 124 price level. Price is now challenging the 2015 highs. If bulls manage to capture 125-126 and stay above it with price making higher highs and higher lows, we should expect an explosive move next for the pair.

Black lines - inverted head and shoulders pattern

Blue line- horizontal resistance/neckline

USDJPY has formed an inverted head and shoulders pattern. Price is now approaching the 2015 highs where we find the long-term horizontal resistance which at the same it is a neckline resistance for an inverted head and shoulders pattern. Price has formed higher lows in 2016 and next in 2021. Price is breaking to new higher highs. USD seems to dominate the Yen and the RSI is making new highs confirming the strength by the bulls. Breaking above the neckline and staying above it, can give USDJPY a major boost towards the head and shoulders target of 170.

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.