Here's my take on the USDJPY, from the technical perspective of a swing trader.
I can see the 109.930 area as a significant horizontal resistance zone and the 106.510 area as a significant horizontal support zone.
On the daily time frame, price action is respecting a rising trendline from recent lows. As long as the trendline holds, we may expect bulls to sustain a northward move but with limited momentum. However, a significant breakdown of the trendline on a daily closing basis is likely to facilitate a southward drive.
A mini trendline (magenta) from recent price action on the H4 time frame is in play as support and its breakdown with a relatively big bearish candlestick will give an early warning of a possible southward turnaround.
I may be wrong. Trade safe and prosper.
KP
I can see the 109.930 area as a significant horizontal resistance zone and the 106.510 area as a significant horizontal support zone.
On the daily time frame, price action is respecting a rising trendline from recent lows. As long as the trendline holds, we may expect bulls to sustain a northward move but with limited momentum. However, a significant breakdown of the trendline on a daily closing basis is likely to facilitate a southward drive.
A mini trendline (magenta) from recent price action on the H4 time frame is in play as support and its breakdown with a relatively big bearish candlestick will give an early warning of a possible southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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