empty
 
 
01.02.2023 05:58 PM
USDJPY under pressure before FOMC, on February 1st, 2023.

This image is no longer relevant

Red lines- bearish channel

Blue line- support trend line

USDJPY remains technically in a bearish trend as price is still inside the medium-term downward sloping channel. Price recently broke the short-term support trend line at 129.75 and has provided us with another sign of weakness. Price managed to make a short-term exit out of the bearish channel but bulls are not strong enough to break above the resistance of 131. Yesterday's price action confirms the importance of the resistance by the upper channel boundary and the horizontal resistance at 131-131.50. Breaking below the blue support trend line could lead to new lows for USDJPY towards 126. Trend remains bearish as long as price is below 131-131.50.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback