The USD/JPY pair has bounced from its support zone, as provided in Friday's analysis. The price action has also completed its predicted symmetrical triangle pattern. In our analysis we mentioned that this pattern move could push the price near the purple rectangle on the chart.
USD/JPY M30" title="USD/JPY M30" width="1415" height="745">
The RSI is trading in line with the price action which means the bias could be towards the downside. The USD/JPY pair is also respecting its downward trendline, and has been unable to break this line, suggesting that downward bias is intact.
Important Levels
Resistance Zone
99.98-99.76 Major
98.83-98.66 Minor
98.30-98.14 Minor
Support Zone
97.48-97.20 Minor
96.06-95.78 Major
95.27-95.14 Major
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