USDJPY continues to rise daily. However, above, a daily bearish pattern, the starting pattern of a daily downtrend, is being created. If the rebound fails in the daily demand zone below, the downtrend may continue. And, the market will test a weekly demand zone and a monthly demand zone.
In particular, the area around the red circle is the most important support and resistance line, and if USDJPY stays below that line, the monthly correction process is highly likely.
And, as the dollar sell comes out, DXY will fall down and a monthly correction process will occur. Conversely, gold and USD pairs currencies are expected to rise significantly for the monthly correction process.
In particular, the area around the red circle is the most important support and resistance line, and if USDJPY stays below that line, the monthly correction process is highly likely.
And, as the dollar sell comes out, DXY will fall down and a monthly correction process will occur. Conversely, gold and USD pairs currencies are expected to rise significantly for the monthly correction process.
Note
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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.