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Early in the American session, the Japanese yen (USD/JPY) is trading around 132.21 having reached the 132.44 area, which coincided with the 200 EMA on the 1-hour chart.
We expect that the USD/JPY pair could make a technical correction in the next few hours. For this, we could wait in the key support zone of 131.75. In case the bearish pressure persists, the instrument could find strong support around 21 SMA located at 131.56.
In times of risk aversion and market turmoil, investors tend to buy the Japanese currency. In the last few weeks, the yen has been strengthening because this is a safe haven currency like gold. USD/JPY reached key levels near the psychological level of 130.00.
According to the 4-hour chart, we can see that the yen broke the descending wedge pattern around 131.56. USD/JPY is expected to have a pullback towards this zone in the next few hours and then, it could resume its bullish cycle.
In case USD/JPY falls below the 21 SMA, it could find strong support around 131.25 which could give it a strong technical bounce.
Below 131.20, the outlook could be bullish for the Yen and it could quickly reach the psychological level of 130.00 and finally reach 3/8 Murray located at 129.68.
In the next few hours, we expect a correction towards 131.75 or 131.70 56 to buy, with targets at 132.40 and 133.34 (200 EMA). The eagle indicator has broken a resistance zone and any pullback could be seen as a buying opportunity.
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