Yen Basket – 2-Week Timeframe
Let’s take a look at this chart.
Since 2019, the trend has been strongly bearish.
Now, what’s important is that the price has managed to break the long-term downtrend line, but it’s still facing a strong resistance zone (that blue area). It’s tried to break through a few times, but hasn’t been able to so far.
If the price can hold above the 7,200 level, we might say there’s a good chance the trend could shift and a bullish move could begin. But if it gets rejected again, it might drop back down and even retest previous lows.
Summary: For now, we need to keep a close eye on this key resistance. Until it’s clearly broken, we can’t confidently talk about a bullish reversal.
Let’s take a look at this chart.
Since 2019, the trend has been strongly bearish.
Now, what’s important is that the price has managed to break the long-term downtrend line, but it’s still facing a strong resistance zone (that blue area). It’s tried to break through a few times, but hasn’t been able to so far.
If the price can hold above the 7,200 level, we might say there’s a good chance the trend could shift and a bullish move could begin. But if it gets rejected again, it might drop back down and even retest previous lows.
Summary: For now, we need to keep a close eye on this key resistance. Until it’s clearly broken, we can’t confidently talk about a bullish reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.