USDJPY in the previous week ended in a doji formation suggesting indecision after a sustained downtrend in the past few weeks. The doji has formed near the multiple support zone of 104.00 which has been tested many times, suggesting the currency could form a bottom at 104.00 from where it could rebound in the near term. On the daily charts as well the pair is making a potential double bottom supporting the above observation, RSI is rising corroborating the above view and suggesting a rise for dollar yen. It would be safe to say that USDJPY could rise towards 105.20 & 105.70 while it sustains above 103.90.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.