Hello dear friends, Let's review the USUJPY transactions from last week and discuss new strategies for the future!
As we have long anticipated, UJ has reached the target of 150.00 at the end of last week, reaching a yearly high. However, as the trading week concluded, the price slightly declined and is currently resting at the level of 149.59.
Nevertheless, we shouldn't be overly concerned about this price decline as it could be a corrective trend after breaking through a strong psychological resistance level. The price is likely to recover soon.
Another confirmation for this belief is that after the Bollinger bands contracted within the previous week, they are now expanding and the UJ price has reached the lower limit of the Bollinger bands. Therefore, it is highly probable that after testing the support level at 149.300, this pair will have even stronger upward momentum.
Do you agree with this analysis? Please leave your thoughts in the comments section below. Thank you very much!
As we have long anticipated, UJ has reached the target of 150.00 at the end of last week, reaching a yearly high. However, as the trading week concluded, the price slightly declined and is currently resting at the level of 149.59.
Nevertheless, we shouldn't be overly concerned about this price decline as it could be a corrective trend after breaking through a strong psychological resistance level. The price is likely to recover soon.
Another confirmation for this belief is that after the Bollinger bands contracted within the previous week, they are now expanding and the UJ price has reached the lower limit of the Bollinger bands. Therefore, it is highly probable that after testing the support level at 149.300, this pair will have even stronger upward momentum.
Do you agree with this analysis? Please leave your thoughts in the comments section below. Thank you very much!
Trade active
Trade closed: target reached
