Technical Analysis For USD/JPY
Considering monthly chart of USD/JPY, monthly down trend was broken and started its up trend from 103 levels. Currently value loss of USD was effective novadays for jpy and this also signalled a correction on the price. Currently it is moving under 50 and 200 Hrs EMA and bearsih pressure would be active for some time. 119.60 level is important for the end of this correction. Below that level SELLERS would continue to be in the market.
According to this scneario, 118.77 and 118.36 levels may be expected. Above 119.60, BUY positions are recommended. Traders should keeop tehir eyes on some closes above 50 Hrs. EMA.
Pivot : 119,60
Support: 118,77 – 118,36 – 117,85
Resistance : 119,20 – 119,60 – 119,90