After breaking the upper line (red) of the triangle formation, buyers decided to take profits and sellers wanted to check if the grounds that this movement were built on, were strong enough to hold the retracing movement. The NFP data helped sellers to push prices lower, but the movement was not strong enough to reach the upper line of the triangle which should be naturally considered as a closest support.
The new week opened with a bullish gap, and we can anticipate that this gap will be closed soon. This movement should not change the sentiment on this pair, which is positive. The closest support is at 99.15, and is just below the gap. This levels looks like a good place to open long-term long positions as the buy signal triggered after breaking the triangle resistance is still strong.
The closest resistance is at 100.75, and we can anticipate that this level will be attacked soon. If the attack will be successful, it will leave no doubts about the sentiment on this pair, and should cause a major upswing. The buy scenario will be denied once price manages to come back below the red line, and further, once the support at 97 is broken. Currently, chances for that are rather low.
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After Small Retracement, Nothing Holds The USD/JPY To Make New Highs
Published 09/09/2013, 07:17 AM
Updated 01/31/2022, 02:45 AM
After Small Retracement, Nothing Holds The USD/JPY To Make New Highs
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