empty
 
 
16.01.2023 03:27 PM
Short-term bounce expected in USDJPY for January 16th, 2023.

This image is no longer relevant

Red lines- bearish channel

Yellow rectangles- oversold bottom by the RSI

Green line- oversold level of reversal in the RSI

USDJPY is trading around 128.53. The RSI is turning upwards from oversold levels. Every time the RSI reached the same levels, we saw price move higher for at least three sessions. Downside is limited and we expect price to bounce towards 130-131. Technically trend remains bearish as price is still inside the bearish channel and continues making lower lows and lower highs. Previous support and low at 129.56 is now our first bounce target and short-term resistance. Above that we expect price to continue towards 131.

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