USD/JPY: Has Touched A Support Area
Olimpiu Tuns | Apr 18, 2015 05:02AM ET
The price has reached the support area between 118.32 and 118.79, if the price will have the power to break and close below this support then we'll have a broder correction, the price will try to approach the major support between 115,54 and 115,85. As you can see from the Daily chart, the price is trading below the WL1 line but he can find support at WL2. If the price will break the ml line then we'll have a bearish momentum on short term. We have an extended sideways movement and this can continue further until we'll have a breakout from this range. The major resistance area is between 121,84 and 122,02. JP225 index has decreased this week and if will continue this downward movement the the USD/JPY pair will also decline.
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