Main Quotes Calendar Forum
flag

FX.co ★ USDJPY reached target and ready for bounce to 105

parent
Forex Analysis:::2020-09-21T14:24:09

USDJPY reached target and ready for bounce to 105

USDJPY has reached our 104 target level and is now bouncing higher. There are bearish divergence signs by the RSI that does not follow price to new lower lows. This is a warning that tells me there are significant chances of an upward bounce towards 105.

USDJPY reached target and ready for bounce to 105

Pink line - resistance

Black lines - Fibonacci retracement levels

USDJPY is bouncing and it is now ready for a move towards the 38% Fibonacci retracement in the area of 105. This is not the time to be bearish USDJPY. Price is expected to move higher as the RSI is turning upwards from oversold levels. The bullish divergence should not be ignored either. It is not a reversal signal but a powerful warning to bears that a pause is coming to the downtrend. First target is 105 and next at 105.45.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...