01.11.201922:15 Forex Analysis & Reviews: USDJPY remains inside bullish channel despite end of the week pull back

Long-term review

Essas informações são fornecidas a clientes profissionais e de varejo como parte da comunicação de marketing. Elas não contêm e não devem ser interpretadas como consultoria, recomendação de investimento ou uma oferta ou solicitação para se envolver em qualquer transação ou estratégia em instrumentos financeiros. O desempenho passado não é uma garantia ou previsão de desempenho futuro. A Instant Trading EU Ltd. não se responsabiliza pela exatidão ou integridade das informações fornecidas, ou por qualquer perda decorrente de qualquer investimento com base em análises, previsões ou outras informações fornecidas por um funcionário da Empresa, ou de outra forma. O termo de responsabilidade completo está disponível aqui.

USDJPY is holding above 108 respecting the medium-term bullish channel since the end of August. Price should continue higher as long as we trade above last week's lows. This is still considered as a buying opportunity and a corrective pull back inside a bullish trend.

Green lines - bullish channel

Blue line - long-term resistance trend line

USDJPY is bouncing off the lower channel boundary. Support is key at 108 area and as long as price is above we remain bullish looking for a move closer to the long-term resistance trend line at 110.50. Important resistance level that must be broken in order to push closer to 110.50 is at 109.10.

Green rectangle - major support area

Green line - support trend line

Red arrows - reversal points in time inside the green rectangle

Blue line - long-term resistance

USDJPY has formed a major low and important support area around 104. Price as expected has moved towards 108.50 since then and back at that time we were targeting the blue downward sloping trend line. We continue to see the blue trend line as the most probable target. Price continues to make higher highs and higher lows. This week's low is very important for bulls as they do not want to see a weekly close below it, in order to remain in control of the short-term trend.

Voltar a lista

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.