Technical analysis of USD/JPY 03/16/2021

The USD/JPY currency pair is moving in a downtrend on the weekly chart. At the moment quotes are at the level of 109.00, right at the upper border of the descending channel, which coincides with (MA200). The 109.00 level area is a key resistance. If the pair manages to break through it, this will mean a change in the trend on the weekly chart with the aim of developing growth towards the highs of 2018 to the level of 114.00. If the quotes do not go above the level of 109.00 and remain within the downtrend on the weekly chart, then the key target will be last year’s low at 102.60.

USDJPY_STPWeekly (1)

Created by Joshua Hayn

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