The USDJPY has bounced from tough resistance of 124.35
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 125.00
Min. 122.40 |
The third test of 124.35 resistance was followed by a slight consolidation and the rebound down, which allowed bears to break and hold below 123.70 support.
Level 123.70 is now acting as strong resistance. The re-test of this barrier will most likely trigger consolidation, followed by the bounce down and continuation of the downtrend.
Potential decline target is found at 122.85 support. Consolidation may occur if bears approach this barrier at low volumes.
Alternative scenario: the breakout of 123.70 resistance will allow the bulls to correct the price towards 124.35 for the fourth 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 has bounced from tough resistance of 124.35
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 125.00
Min. 122.40 |
The third test of 124.35 resistance was followed by a slight consolidation and the rebound down, which allowed bears to break and hold below 123.70 support.
Level 123.70 is now acting as strong resistance. The re-test of this barrier will most likely trigger consolidation, followed by the bounce down and continuation of the downtrend.
Potential decline target is found at 122.85 support. Consolidation may occur if bears approach this barrier at low volumes.
Alternative scenario: the breakout of 123.70 resistance will allow the bulls to correct the price towards 124.35 for the fourth 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!