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.
Created by Joshua Hayn
Did you like this article? Share it with your friends!
Leave a Reply