USDJPY Two support levels to watch.
USDJPY is on a 5 day decline following the most recent top at 110.300.
Levels to watch:
- The long term pattern is a channel up that started mid September/ early October.
- That pattern has two support levels: the first one is the yellow line with 4 bounces (if we count the current one as a bounce) and the second is the higher low trend line of the pattern itself with 2 bounces.
- The RSI is approaching its 6 month support level.
Projection:
- The price bounces most likely on the first support level (since the second one also has high probabilities it might be a good idea for buyer to split their long positions) and begins a new bullish leg towards a higher high near the 110.650 resistance.
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Levels to watch:
- The long term pattern is a channel up that started mid September/ early October.
- That pattern has two support levels: the first one is the yellow line with 4 bounces (if we count the current one as a bounce) and the second is the higher low trend line of the pattern itself with 2 bounces.
- The RSI is approaching its 6 month support level.
Projection:
- The price bounces most likely on the first support level (since the second one also has high probabilities it might be a good idea for buyer to split their long positions) and begins a new bullish leg towards a higher high near the 110.650 resistance.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
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