The USD/JPY pair is trading at 107.72 and above the opening level of the day, that is, 107.60. If the price rises above the level of 107.85, it is likely to move to 107.99 and even to 108.20. Otherwise, if the price falls below 107.60, it may drop to 107.50 or maybe even to 107.30.
The pair is trading above the daily pivot point and the main trend line. The major indicators on the hourly chart are heading up. I expect the upward trend. However, I am anticipating a breakout at the 107.85 level. Otherwise, a pullback is likely to occur.
The dollar/yen pair continues to move within the triangle pattern. Yesterday, the pair gained ground and reached the triangle's upper border of 107.81. However, it failed to break through it. This is not surprising, since there are still about 1-2 days left until the pattern is formed. Now the price is testing the lower border of the triangle in the area of 107.40. Of course, the pair has a chance to break through it below, but amid a false breakout, I cannot hold out much hope for it.
Therefore, purchases are the priority for me. Today, I expect the pair to make a rebound from the lower border of the triangle pattern in the area of 107.40 and resume its movement within this pattern towards the targets near 107.65. Perhaps we may see an exit from the triangle pattern in an upward direction at the end of the day.
The pair is currently moving on a downward trend and is trading below the level of 107.55-107.60. If the downward trend continues, I expect the pair to test the support level of 107.24-107.10. Upon testing, I expect a slight upward pullback and a test in the resistance zone of 107.55-107.60. If in case there will be a breakdown of this level, I expect the pair to test the support level of 106.60. Well, further movements ahead, thus the need for further observation. I wish everyone success in trading and good profits ahead!
The USDJPY currency pair is showing a negative trend. At the moment, quotes are trading at 107.45. According to my trading strategy, I expect the quotes to move down. Technical indicators on the hourly chart indicate a sale: the direction line is colored red, Oracle Move is above the quotes and the blue line is above the red, TmaSlope is in the negative zone, the PriceBend line is below the red, the TrendStrength Trio line is below level 0. Resistance levels: 107.52, 108.05. Support Levels: 107.03, 106.52. Based on a technical analysis, I consider short positions below the level of 107.52 with the target of 107.03. An alternative scenario can be considered above the level of 107.52.
The usd/jpy currency pair today made an attempt to decline during the night, and stopped near the support of 107.30, at the time of writing the post, the price is below the daily level and by the close of the trading week today, we should expect an attempt to increase the price above the daily level of 107.65. The second option will be a sideways movement during the last 5 hours of trading. This week we have not been able to go to the weekly level of 107.12, the price is declining, but very slowly, today there were already two attempts, but unsuccessfully, while the support of 107.44 is working well. If we can't rise above the resistance of 107.65 today, then we will most likely continue to decline further next week with a potential target below the support of 107.12. this option will be Canceled only by a strong growth and a breakdown of 107.71.
Usd/jpy continues to attempt growth on Friday it closed the day it was expected the race down, and a further decline in the pair, but the price was able to fend off support 107.30 even without touching and continue to grow from support 107.44. Monday night, I think you can do attempt of a decline of the pair below support 107.52, and then can continue to rise above the daily level of 107.65. While the further movement is considered 50/50 growth or decline, since if we break through the weekly level of 107.12 on Monday, it is most likely that we should expect the pair to continue to decline throughout the trading week. While at the time of writing this post, the pair is at the upper border near the weekly level of 107.71, from which we can not begin to decline. While we are near this level, most likely, there may be an attempt to break this level and continue growth, let's see what the pair will show us on Monday.
Good day to our traders and speculators who are here in the forum!
Letís talk about the US dollar/Japanese yen currency pair:
In the meantime, the price of the dollar/yen pair continues its flat price movement, inside the flat price channel formed by the levels at Ė 107.15 and 108.10. Last night, the price made a false breakdown of the upper trend line which is included in the formation of the downward trend channel, formed on the pivot points at the levels of 108.10, 107.35 and 107.87.
Today, the price successfully formed a local maximum around the level of 107.79, at the top of the downward trend channel. At the moment, the price is located straight on the upper trend line of this downward trend channel. Generally, everything is happening inside the flat price channel formed by the levels at 107.15 and 108.10.
While the price is inside this flat price channel, everything happens according to the flat price movement scenario with the main goals of the flat movement - the boundaries of this flat channel.
As soon as these goals are reached and the price moves further, we can move right away to the goals of the flat price movement within the upper flat price channel formed on the pivot points at the levels of 106.93 and 109.40.
Quotes will soon exit the price range 107.40-107.80, the breakout of which will point to where the pair will further move on the trading chart. The direction it will go will be the basis on to which positions should be opened to gain profit .
Thus, in the event of breakdown of quotes below the support level 107.40, the pair will move downwards to the next support at 106.92, to which sell positions should be opened for profit.
Meanwhile, if quotes breakout the resistance level of 107.80, the pair will move upwards, which will allow investors to enter buy positions with profit to the next resistance level at 108.20, where the pair will move on the trading chart .
Greetings to all!
The usd/jpy currency pair continues to grow rapidly further, today they were able to gain a foothold above the daily level of 107.57 and the weekly 107.60 overnight growth. At night, they were able to grow to the resistance of 107.81, but they failed to break through and by the morning they were falling to the daily level. Today, throughout the trading day, I expect the price to continue to rise. But since the resistance of 107.85 is ahead, which I think will be difficult to break through, then perhaps the second option may be to reduce the pair again to the weekly level of 107.57, and then continue to grow. If we consider today's growth, the price is expected to rise to the weekly level of 108.12, I think it will be difficult to do this today, but if we go there, we should expect the growth of the usd/jpy currency pair to continue tomorrow. The cancellation of this option will be a strong decline in the pair below the daily level of 107.57, in this case, the pair is likely to target below the weekly level of 107.10.
For this day, we are not expecting any significant news on the economic calendar. Also, we are not anticipating an exit above the horizontal resistance level of 107.90-107.95. I think that further significant movements for this pair will start on Tuesday or maybe Wednesday especially for the Yen. The USD, on the other hand, the way I see it, will not strengthen yet. Further today, in case of a breakdown of the indicated resistance level which is 107.90-107.95, there is a possibility of a short upside pullback. Letís see how things will continue to unfold. I wish everyone success in trading and good profits ahead!
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