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USD/JPY- Consolidation Continues Between The Zones

Published 03/05/2014, 06:28 AM
Updated 02/02/2022, 05:40 AM

The USD/JPY has formed a V bottom on a 60 minute time frame. However, the general trend is still the side pattern and the price is still consolidating between the 102.68-100.92 zone and only a break out of this zone will further confirm the trend direction. The general bias could be that the breakout may take place to the downside, because before we started consolidating in this zone, the trend was to the downside.

The RSI is showing a clear sign of negative divergence in relation to the price action which means that the bias could be to the downside.

<span class=USD/JPY" title="USD/JPY" align="bottom" border="0" height="242" width="474">
Important Zones

Resistance Zone

103.67-103.40 Minor Support

102.97-102.68 Major Support

Support Zone

100.92-100.70 Major Resistance

99.78-99.54 Minor 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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