scaige96

USD/JPY short term recovery

FX:USDJPY   U.S. Dollar / Japanese Yen
As we can see, price has strongly broken the weekly trendline but attempts to break below the monthly trendline last week failed, as there was a rapid recovery which pushed price back inside the trendline/ support area .

Because sellers who entered positions early on are likely to close in on their profits, we should expect selling pressures to slow down in the coming days with a potential pullback to the resistance zone before we can expect further selling