The price line on USDJPY price chart went through a very sharp descending wave on November tenth, causing the USDJPY to lose more than 6% value in less than 6 days, until a support level at almost 138.000 to 140.000 could provide enough demands to put an end to the descending wave; the green zone on the chart indicates the mentioned support level. The ascending green line, located below the current position of the price, reflects the long term bullish trend line and therefore, is of high value. The red descending line on the chart indicates the trend line, within which the current bullish wave has taken place. Buyers should keep an eye on the price line, and expect a bullish outbreak above the red line; there they can enter long positions, heading for the resistance levels above the price line.
• There is a resistance level at 142.500 followed by resistance at 143.780 and 145.195.
• There is a support level at 138.800. Below, there is 137.730 and 136.135.
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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