• Duncan Cooper d, Senior Market Strategist & Trading Mentor at ACY


• 23.11.2021 12:45 pm
#stocks

USDJPY Weekly:

Weekly support at 112.72, resistance at 114.69.

The weekly chart is in an uptrend. However, last week price rejected the 114.72 monthly resistance level forming an inverted hammer suggesting a further decline this week?

USDJPY Daily:

Daily support at 113.58, resistance at 114.96.

Price has broken below the last higher bottom turning the daily chart trend to down. Price breaking below last week’s low of 113.58 would start to confirm the higher time frame reversal.

Watch the video for a full break down of my analysis on how you could either trade this pair to the upside or downside, all depends on whether the 114.72 monthly resistance level holds or fails.

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