News for trading Today, we have low-impact news only. The forex market is going to be calm today unless there is breaking news which of course will cause the market to move much. There won’t be enough volatility in the forex market today. To be on the safe side, it will be advisable to trade with caution. Make good use of money management skills while trading today and always. Take a look at the picture below for more information on the news available today.
USDJPY ANALYSIS Yesterday, the USDJPY pair traded in the lower areas and closed the day around 149.50. Today, it has moved in the downward direction towards 148.60 Price level. Taking a look at the hourly chart below, it is noticeable that USDJPY is trading below the moving average line MA (200) H1 at 149.80. We have a similar situation on the four-hour chart as USDJPY is also trading above the moving average line MA (200) H4 for now. On this note, considering the facts above, traders are advised to look for a good sell entry point after the correction. The picture and chart below give better information on this analysis. Kindly take a look at it.
The resistance levels are 149.60, 150.30, and 151.30. The support levels are 148.60, 148.25, and 147.30. What to expect: we could see continuous drop in the price of USDJPY towards the next support level at 148.60. Alternatively, we could see a rise above the moving average line MA (200) H4 towards 151.30. That is all for now. What do you think about this analysis? Kindly leave me your thoughts and contributions in the comments section below. Have a great day.
