$USDJPY \ Momentum Building

FX:USDJPY   U.S. Dollar / Japanese Yen
40 0
  • Key Trend Points :

    $USDJPY on the 4hr chart is in a sideways channel pattern after holding above the $106.73 levels and bouncing towards the highs of $107.73 before tapering to current levels at $107.33 area.

  • On the 4hr frame, strengthening price action is supported by the 28EMA still being above the 49EMA and $USDJPY may revisit previous highs set in Feb 21st at $1.0790 levels as seen by the peek pattern at that time.

  • On the flip side, downside momentum for $USDJPY on both daily and weekly chart is intact, as supported by the 28EMA being well below the 49EMA.

  • For next week's trading session, we see $USDJPY resistance levels on both the 4hr, 1hr, & 30min chart are as follows: $107.73 & $107.92 and $108.41, while support levels are seen at: $106.72, $105.78, and deeper below at $105.31 area.
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