Technical analysis of USD/JPY 02/13/2020
The USD/JPY currency pair on the 1D timeframe is moving in the upward channel and is currently consolidating around 110.00.
At the level of 108.50, an upward intersection of MA 100 and MA 200 is observed against the background of working out the inverted figure “head and shoulders”. This suggests that the pair will continue to grow with a target in the region of annual maximums 112.00 -112.50 with possible corrections to the area of 109.00.
Cancellation of the option to continue the growth of the pair will be a decrease below the area of 106.50, which will indicate a breakdown of the lower boundary of the ascending channel, MA 100, MA 200 and may indicate a possible change in trend with the prospect of a decrease to a key annual minimum of 105.00 – 104.50.
Created by Joshua Hayn