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11.11.2021 10:19 PM
USD/JPY further growth awaits confirmation

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USD/JPY upside breakout

The USD/JPY pair failed to resume its downside movement and now it has managed to jump above the downtrend line. Stabilizing above the downtrend line could signal further growth. You should be careful because failing to stay above this line could announce a potential downside movement.

114.18 former high is seen as an upside obstacle, as a resistance level. So, stabilizing above the downtrend line and passive above 114.18 could activate an upside continuation.

USD/JPY trading conclusion

Jumping above 114.18 could represent a buying opportunity. This scenario may confirm that USD/JPY could resume its upwards movement.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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