Technical analysis of USD/JPY 02/09/2021
The USD/JPY currency pair broke through the bottom of the upper uptrend line, what coincides with (MA 100) and found resistance at 105.76 (MA 200) on the daily chart. Now quotes are in the area of 104.50. The technical picture suggests a trend change on the daily timeframe. Confirmation of the trend change will be a breakout from the bottom (MA 200) and the pair fixing above 106.00.
Cancellation of the growth option of the pair will be a decrease in quotes below the level of 104.00, in the area where (MA 100) coincides with the previous local maximum in the formed ascending channel, and the broken line of the downtrend intersects with the lower line of the channel.
Created by Joshua Hayn