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23.02.202115:56 Forex Analysis & Reviews: Trading Signal for USD/JPY for February 23 - 25, 2021: Sell below 105.46

Exchange Rates 23.02.2021 analysis

The USD / JPY pair is trading with a downtrend in 4-hour charts, below the SMA of 21 and below the 5/8 of Murray.

The USD / JPY pair has fallen for the fourth day in a row, as investors prefer safe-haven currencies in the face of widespread market uncertainty, as well as Gold, a safe-haven asset.

Something that has given the Japanese Yen downward force in the graph and in turn has strengthened the currency, is that yesterday the corporate services price index for January was published, which stood at -0.5% year-on-year, better than expected .

In the chart, you can see the formation of several fractals in the downtrend, because the last fractal, has not exceeded the 105.86 previous formation, it is likely that there is a bearish force in the market, as long as it is trading below the SMA of 21 around 105.40.

Our recommendation is to wait for a pullback towards the 21 SMA area, and below the 6/8 of murray around 105.46, there we can sell the USD / JPY, with targets at the 4/8 of murray at 104.68.

Support And Resistance Levels For February 23 - 25, 2021

Resistance (1) 105.56

Resistance (2) 106.12

Resistance (3) 106.42

Support (1) 104.77

Support (2) 104.41

Support (3) 104.07

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Trading tip for USD/JPY for February 23 - 25, 2021

Sell if pullback at 105.46 (SMA 21 and 6/8 of murray) with take profit at 105.07 and 104.68 (4/8), stop loss above 105.85.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
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