The USD/JPY is approaching some very critical medium-term trend resistance levels. The trend in the short-term remains bullish but the medium-term trend is bearish.
Blue line - short-term support
Short-term support is at 111. The price is above the 4-hour Kumo confirming that the short-term trend is bullish. Only a break below 111 will put this trend into danger and a break below 110.40 will confirm trend change to bearish.
Blue line - long-term resistance
In the Daily chart, the price is trying to break above the Kumo. The price also remains below the long-term Trend line resistance at 112.50. The 111.80-112.50 area is important resistance and we could see a rejection from there.
The material has been provided by InstaForex Company - www.instaforex.com
No comments:
Post a Comment