Through a significant bearish wave, within a bearish channel, the price line on USDJPY price line experienced more than 16% loss of value, since 13th of October 2022. The price line on this pair is currently approaching a strong support level. The bearish channel is highlighted with light red and the resistance level is reflected as a green box below the price line. MACD is showing possibility for an upcoming bullish wave and RSI has issued positive divergence signals. Bulls seem to be taking the control of the market and an ascending wave could be expected shortly.
• There is a resistance level at 130.000 followed by resistance at 131.330 and 132.800.
• There is a support level at 127.430. Below, there is 127.000 and 126.450.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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