Technical analysis of USD/JPY 05/12/2022

The USD/JPY currency pair, after a long rise in an uptrend, found resistance at 131.36, from which it began a correction. The pair corrected to 128.53 and is currently trading around 128.00.

If the price breaks the nearest support level 127.40 (23.6% Fibo), this will mean a continuation of the downward correction to the next support level around 125.00 (38.2% Fibo).

If the price goes above the high of 131.36, this will mean the cancellation of the downward correction and the development of an uptrend.

USDJPY_STPH4

Created by Joshua Hayn

VN:F [1.9.22_1171]
Rating: 5.0/5 (1 vote cast)
5.0 out of 5 based on 1 rating

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>