Short from Resistance 110.25 Towards Support 108.40$ and $107.40
The USD/JPY pair continued to rise to the 110.37 targets yesterday and this morning. Getting the price to settle above the level will extend this growth towards the target along the next line of the price channel, to the area around 112.80. But the danger of a reversal based $ condition,
Currently, Yen weak and $ under correction, if Yen Weak more we could see SL hitting or Profit-taking next resistance 111.35 and 112.20$. Yesterday, the price reversed on the way to the MACD line on the four-hour chart, which probably gave such a strong technical impetus to further upward movement.
Jumping above 109.75 could confirm a further upside movement towards 110.50 or higher to 111.00 psychological level. The price has declined a little in the short term trying to attract more buyers before resuming its uptrend.
Price currently overbought condition and any bed $ data or news could Reversal downside towards supports levels 108.40, 107.60 and 106.10.
Monthly base looking strong bearish downside supports targets. before starting the downside, we could see the 111.10$ level but depends on market condition.
🛑SUPPORT/RESISTANCE
✅S1= 108.35
✅S2=107.60
✴️R1=110.30
✴️R2=111.38
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Currently, Yen weak and $ under correction, if Yen Weak more we could see SL hitting or Profit-taking next resistance 111.35 and 112.20$. Yesterday, the price reversed on the way to the MACD line on the four-hour chart, which probably gave such a strong technical impetus to further upward movement.
Jumping above 109.75 could confirm a further upside movement towards 110.50 or higher to 111.00 psychological level. The price has declined a little in the short term trying to attract more buyers before resuming its uptrend.
Price currently overbought condition and any bed $ data or news could Reversal downside towards supports levels 108.40, 107.60 and 106.10.
Monthly base looking strong bearish downside supports targets. before starting the downside, we could see the 111.10$ level but depends on market condition.
🛑SUPPORT/RESISTANCE
✅S1= 108.35
✅S2=107.60
✴️R1=110.30
✴️R2=111.38
Please like, share, comments and follow me to get a daily base analysis.
Thank you for your support, I appreciate it.