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USD/JPY- Challenging Its Downward Trend Line

Published 01/27/2016, 07:02 AM
Updated 02/02/2022, 05:40 AM

The USD/JPY pair is trading below its downward trend line on a 4 hour time frame. This confirm that the trend is towards the downside, however it is important to pay attention that the price is constantly challenging this downward trend line which reflects that the odds are that we could be breaking this very soon. The pair is trading near the 20 day moving average and this represents that the volatility is low. Keep a close eye towards the upward trend line and if the price breaks this line, bears will pick up strength.

The RSI is trading in line with the price action and this is a confirmation that the bias remains towards the upside.

USD/JPY
Important Zone

116.23-115.97 Support

120.46-120.06 Resistance

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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