The USDJPY: further uptrend is expected
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 121.50
Min. 118.60 |
The bears failed to push the price down to 118.60 support for the third time. The price turned up at increased volume.
Judging by the wave structure, highs and lows have been growing in the last three weeks. So, the bulls have more chances to continue the uptrend.
It’s also worth noting, that the US dollar is currently loosing its positions against most of its major opponents.
Today we expect the price to test resistance at 120.30. The breakout, if takes place, will open the way to 120.75, 121.50.
Alternative scenario: if price renews yesterday’s low at 119.05, bears will get a chance to test 118.60 support for the third time.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!
The USDJPY: further uptrend is expected
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 121.50
Min. 118.60 |
The bears failed to push the price down to 118.60 support for the third time. The price turned up at increased volume.
Judging by the wave structure, highs and lows have been growing in the last three weeks. So, the bulls have more chances to continue the uptrend.
It’s also worth noting, that the US dollar is currently loosing its positions against most of its major opponents.
Today we expect the price to test resistance at 120.30. The breakout, if takes place, will open the way to 120.75, 121.50.
Alternative scenario: if price renews yesterday’s low at 119.05, bears will get a chance to test 118.60 support for the third time.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!