USD/JPY: Key resistance approaching, watch out!
We don't take any position until our trading strategy confirms our entry! The USD/JPY pair is currently sending opposing signals.
Technicals: Here we have the USD/JPY pair that is approaching an short-term key resistance on the daily chart, at the 108.00 round-number. The pair has been in a downtrend and formed consecutive lower lows, which makes it important for the pair to respect the 108.00 level in order for the downtrend to continue.
The 1-hour chart shows that the recent bull run is losing steam, with the RSI forming a bearish divergence.
Support: 107.30, 107.00
Resistance: 108.00, 109.30
Flows - Bullish: Market is positioned for a weakening yen, with all groups except leveraged money betting on further weakness. The US dollar remains in a bullish positioning.
Economic Surprises - Neutral: Scheduled market reports were neutral for both currencies in the recent period.
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Technicals: Here we have the USD/JPY pair that is approaching an short-term key resistance on the daily chart, at the 108.00 round-number. The pair has been in a downtrend and formed consecutive lower lows, which makes it important for the pair to respect the 108.00 level in order for the downtrend to continue.
The 1-hour chart shows that the recent bull run is losing steam, with the RSI forming a bearish divergence.
Support: 107.30, 107.00
Resistance: 108.00, 109.30
Flows - Bullish: Market is positioned for a weakening yen, with all groups except leveraged money betting on further weakness. The US dollar remains in a bullish positioning.
Economic Surprises - Neutral: Scheduled market reports were neutral for both currencies in the recent period.
Like our analysis? Please hit the "LIKE" button to support us. Thanks!
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