Analyzing USDJPY from a Buyer's perspective

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is currently consolidating at the crucial 105 level. The downtrend appears to have come to a halt as of now.
Note that 104.60 level is very strong support on the weekly chart from where USDJPY has reversed to the upside multiple times in the last few years.
If the buyers can keep the price above this level then there's good chance that USDJPY will go to the 107 and 108 level very soon.
However, a strong break of this support level will mean that USDJPY will eventually drop to 101 again.

So, keep these important price levels in mind before trading USDJPY


+1 Reply
This is great stuff thanks!
+1 Reply
ProCFDTrader isaiahterrence
@isaiahterrence, You are welcome
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