The USDJPY is correcting into the descending trend line of 123.00
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 124.00
Min. 122.00 |
The price has been correcting into the descending trend line of 123.00 – the upper border of the descending channel – for the fourth time in six weeks.
Current test of 123.00 trend lineis taking place at low volumes. If we consider intraday or weekly charts, however, there’s a chance of a breakout to the upside.
The 123.00 trend line is a strong resistance, the price has rebounded down several times from this barrier. Its breakout will open the way towards 123.70 – 124.35.
Alternative scenario: long consolidation below the descendin trend line of 123.00 will trigger the rebound down.
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 is correcting into the descending trend line of 123.00
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 124.00
Min. 122.00 |
The price has been correcting into the descending trend line of 123.00 – the upper border of the descending channel – for the fourth time in six weeks.
Current test of 123.00 trend lineis taking place at low volumes. If we consider intraday or weekly charts, however, there’s a chance of a breakout to the upside.
The 123.00 trend line is a strong resistance, the price has rebounded down several times from this barrier. Its breakout will open the way towards 123.70 – 124.35.
Alternative scenario: long consolidation below the descendin trend line of 123.00 will trigger the rebound down.
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!