Hi Traders!
We are now at a crucial point with USDJPY. Is there enough momentum for another push to break the 142 level or are we going back below the 138 level?
We have highlighted our calculated Vector 142.255 level on the chart. After breaking and closing above our previous double top Vector level of 137.915, we had a push towards 142.255 but had major resistance there as we had not been this high for over six months. We now have a pullback to the bullish momentum at 140.922.
137.915 is the key level here. If we stay above this level, we are likely to see another push to test 142.255. However, if we break and close below 137.915, then the long term trend will most likely change to bearish.
We will keep a close eye on this and hope to make progress in the next few days.
Please do not forget to like, comment and follow as this helps us greatly.
Thank you for your support.
BluetonaFX
We are now at a crucial point with USDJPY. Is there enough momentum for another push to break the 142 level or are we going back below the 138 level?
We have highlighted our calculated Vector 142.255 level on the chart. After breaking and closing above our previous double top Vector level of 137.915, we had a push towards 142.255 but had major resistance there as we had not been this high for over six months. We now have a pullback to the bullish momentum at 140.922.
137.915 is the key level here. If we stay above this level, we are likely to see another push to test 142.255. However, if we break and close below 137.915, then the long term trend will most likely change to bearish.
We will keep a close eye on this and hope to make progress in the next few days.
Please do not forget to like, comment and follow as this helps us greatly.
Thank you for your support.
BluetonaFX
