USDJPY Forecast
The USDJPY was indecisive last week. Price attempted to push higher, topped at 123.56 but whipsawed to the downside and closed lower at 121.23. Once again, 123.60 region was proven to be a strong resistance and a good place to sell. The bias is bearish in nearest term testing 120.50 and the trend line support as you can see on my H4 chart below which is a potential strong support and a good place to buy with a tight stop loss as a clear break and daily close below the trend line support could trigger further bearish pressure testing 119.50 or lower. My major technical outlook remains neutral.

usdjpy4h

FX Instructor Forex Blog – For Traders, By Traders

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.