USDJPY - Daily Timeframe, testing supports

Short

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

trendanalysis indicator chartpattern usdjpy investing tradesetup technicalanalysis

USDJPY USD JPY has broken downwards on the attempt to create an up-trending channel that it had created recently on Daily TF
If you see carefully the charts, I have laid down the various important levels

S1 : 107.869
S2 : 106.754
S3 : 105.217
R1 : 109.748
R2 : 112.342

With Downwards breakout and ADX showing increase in the current trend, I feel more likelihood of downward move to test the support levels (s2 and s3) as price is already testing S1

As seen in the chart, price tried to breach the resistance (R1) intra day on a few occasions but was quickly thrown down.

Look out for this space for more on this

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Comment:

Price has bounced off the first support line as visible....lets wait and watch

Comment:

Retest of trend line, price could be rejected and thrown back down

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