Usdjpybuy
USD/JPY Technical Analysis
The counter is currently at the strong support of a trendline, which could be contemplated as triangle pattern.
According to the short-term waves, the counter has completed wave B of a bear cycle and is due for a wave C.
Hence, we expect the pair to be bullish and head to higher to levels.
USDJPY reversed from intermediate resistance, potential drop!
USDJPY reversed off its intermediate resistance at 107.020 where it could potentially drop further to 106.404.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USD/JPY Wave Analysis
The counter is been in an ABC correction format for the last 2 months.
It completed its waves A and B and is now constructing its wave C.
Further, the w and x leg of the wave C has been completed and it has kickstarted its y leg.
Hence, we expect the pair to be bearish in the short-term.
USD/JPY WEEKLY FORECASTHello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied
USDJPY bounced from support, potential for a further rise!
USDJPY bounced off 107.299 where it could potentially rise further to 108.097.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.