As previously predicted, the currency pair USD/JPY managed to reach the value of 108.80, where it felt a temporary support, giving the opportunity to "bulls" to adjust. Now we see how the pair approaches the psychological value of 110.00, forming a pulse candle. It is possible to assume that the "bullish" potential will decrease in the near future and already at 110.00 / 110.20 we will see a slowdown with the next return of short positions and as a fact storming 108.80, bringing us closer to 108.00.
But traders should also not lose sight of long positions, if the "bullish" potential does not subside, we will return to the previous framework of 111.00 / 110.00.
Key levels
Resistance zones: 110.00; 111.00 *; 112.00; 114.40; 115.50.
Support zones: 108.80; 108.00; 105.50.
* Periodic level
Signals
- Buying a pair is recommended to be made at a price of 110.20, with the prospect of a move to 110.80.
- It is recommended to sell pair at prices below 109.50, with the prospect of a move to 108.80.
Note: Forecasts are not a direct guide to action!
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