May 15, 2020 : Short-term technical analysis of USDJPY

By | May 15, 2020
InstaForex
May 15, 2020 : Short-term technical analysis of USDJPY

Long-term review

USDJPY as we noted in a previous analysis was forming a downward sloping wedge pattern. Price has broken decisively above the wedge pattern producing a bullish signal. Price has now made a higher low and seems ready to start its next leg higher.

analytics5ebee45490785.jpg

Black lines – wedge pattern

USDJPY is expected move higher towards 108.70-109. Short-term support is found at 106.70 and as long as price is above this level we remain short-term optimistic. Resistance is at 107.80. I expect this price to be broken upwards next week followed by a move towards 108.50-109. As long as price is above 105.95 we remain optimistic for a bigger bounce higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

InstaForex