empty
 
 
27.03.2023 05:20 PM
Another attempt for USDJPY to reverse short-term trend.

This image is no longer relevant

Blue lines- Fibonacci retracement levels

Red lines- Bearish channel

USDJPY is trading around 131.53. Price is making another attempt to break out of the short-term bearish channel it is in since beginning of March. Price has so far retraced 78.6% of the entire rise. USDJPY is turning upwards but technically trend remains bearish as price has not broken above the latest lower high of 133.02. In order to call a bottom, we need price to break above 133. Support is found at recent low of 129.66. Failure to hold above this low will open the way for a bigger decline towards 127.50 and lower. The chances for a bounce higher towards 133 have increased. A pull back to form a higher low would be ideal for bulls.

This image is no longer relevant

In the daily chart we see a reversal candlestick pattern by Friday's candlestick. The long lower tail suggests a bullish hammer which if followed by a bullish candle it usually suggests a reversal under way. So far Friday's candlestick and today's candlestick point towards the reversal scenario.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
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 $4000 more!
    In July we raffle $4000 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