Technicals

Add as a preferred source on Google

FxWirePro: USD/JPY rejected at highs, good to go short on rallies

USD/JPY has broken major trendline support at 102 levels, intraday bias lower. The pair has resumed its downtrend after being rejected at session highs by 101.34. Momentum studies are bearish, we see scope for 99.98 and …

1 min read
FxWirePro: USD/JPY rejected at highs, good to go short on rallies
Image from the original EconoTimes article

Read the original article

  • USD/JPY has broken major trendline support at 102 levels, intraday bias lower.
     
  • The pair has resumed its downtrend after being rejected at session highs by 101.34.
     
  • Momentum studies are bearish, we see scope for 99.98 and then 98.78 levels.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-holds-major-support-at-10215-weakness-only-on-break-below-243186) is progressing. TP1 and 2 almost hit.
     
  • Immediate support on the downside is seen at 100.52 (July 11 low), while above 101 we see next major resistance at 102.25 (5-DMA and trendline).
    ​

Recommendation: Stay short for 100.52/ 99.98
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560