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10.12.2020 12:47 PM
USD/JPY Up Reversal In Cards Again

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USD/JPY grows after testing and retesting the minor uptrend line. I've told you in a previous analysis that the pair could develop an important growth if the rate stays above the uptrend line, within the up channel's body.

Still, the upside reversal, a strong uptrend, could be validated by a breakout above the major downtrend line. So, passing and stabilizing above the downtrend line could really confirm that USD/JPY will continue to increase in the short to medium term.

  • USD/JPY Trading Conclusion

You can buy USD/JPY if the price jumps above the downtrend line and reaches the 105.00 psychological level. The up channel's resistance (upside line) and the 107.00 level could be used as targets.

The upside scenario could be invalidated by a drop and stabilization under the uptrend line.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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