USDJPY: Expect Retracement To Retest 5-Month Low
USDJPY started the year by breaking out of a bearish trendline that lasted through November and December. We foresee a retracement from current levels after the pair failed to advance above previous resistance zones around 144.02 (R1) and 144.68 (R2).
RSI on the hourly timeframe shows bearish divergence, suggesting the recent rally is losing steam and a retracement is probable.
Sell Entry: 144.369
SL: 146.02
TP: 141.00
We do not eliminate the possibility of another rally to retest R2. In the event of a rejection from R2, it would form a double top pattern that will provide additional validation for a bearish trend reversal to our downside target.
RSI on the hourly timeframe shows bearish divergence, suggesting the recent rally is losing steam and a retracement is probable.
Sell Entry: 144.369
SL: 146.02
TP: 141.00
We do not eliminate the possibility of another rally to retest R2. In the event of a rejection from R2, it would form a double top pattern that will provide additional validation for a bearish trend reversal to our downside target.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.