The USDJPY moves up toward BULLISH above/BEARISH below swing area.

News

The 1.1314-177 area has been a swing area for the pair

The USDJPY moved to a low swing area yesterday and again in the early hours of trading today at 112.60-657. Yesterday the area was broken but only by a few pips. The break FAILED.  Today, traders not to be fooled (or so it seems) leaned against the level.  Seller turned to buyers and the price correction started.

The price has just moved up to a new session high but that high approaches a key swing area at the 1.13143-177 area. That area is home to the 50% retracement and a number of swing levels.   Technically, the area forms a BULLISH above/BEARISH below scenario.  Look for sellers to lean with stops on a break above.

ForexLive

Products You May Like

Articles You May Like

Iran’s oil minister is seeking exemption from any oil output cuts by OPEC
HOW MUCH PROGRESS HAVE I MADE | Forex Trading Journey
The ‘yield curve’ explained and whether it really is a barometer for the economy and markets
The ONLY 5 Forex LESSONS You will EVER Need
Complete Forex Trading System (Advance Training) – How To Trade Forex Education Webinars

Leave a Reply

Your email address will not be published. Required fields are marked *