USD/JPY Broken Its Downward Wedge, Will You Trade?
AvaTrade | Jun 30, 2015 06:31AM ET
June 30, 2015 8:02 am by Naeem Aslam - Chief Market Analyst Leave a Comment
The USD/JPY is trading below its downward trend line on a 4 hour time frame. The price has broken its its downward wedge pattern and the projection of this pattern could the price well below the major support zone which is mentioned below. The pair is also trading below its 50 day shown in yellow colour and the 100 day shown in red colour moving averages and this confirms that the bears are in strong control of the price.
The RSI indicator and the MCAD indicator are trading in line with the price action and this reflects that the current trend may continue for a while whoever, at the same time caution should also be taken because both indicators are trading near oversold region.
Important Zone
121.67-121.39 Minor Support
120.84-120.60 Major Support
125.85-125.64 Major Resistance
124.73-124.52 Minor Resistance
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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