USD/JPY – Week 5 – Bullish sentiment continues.
Updated
The US Dollar increased its gains with the U.S. economy growing stronger at the end of the year, expanding by 4% in the 4th quarter. While in line with the projection, the pace of the recovery slowed noticeably from the 3rd quarter.
Having said that, the USDJPY moved as we pointed out in our previous analysis, nearly reaching the 105 phycological level. We now grow confident that this week, the bullish move will continue with 105.50 level on the cards. As you can see in our analysis, we have a strong resistance zone, which we will expect to hold and be the start of a bearish move that is going to break the previous low.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Having said that, the USDJPY moved as we pointed out in our previous analysis, nearly reaching the 105 phycological level. We now grow confident that this week, the bullish move will continue with 105.50 level on the cards. As you can see in our analysis, we have a strong resistance zone, which we will expect to hold and be the start of a bearish move that is going to break the previous low.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: target reached
105.50 level reached. We will keep you posted.
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