For Traders

Analytical Reviews

Trend line

08.06.202115:01 Forex Analysis & Reviews: USDJPY short-term analysis and trading recommendations for June 8, 2021.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDJPY continues to respect the key support trend line coming from 107. Price has been making lower lows and lower highs since the reversal from 110.30, but there are some indications that we might soon see a reversal to the upside.

Yellow rectangles - lower highs

Blue rectangles -lower lows

Black lines - bullish divergence

USDJPY is trading around 109.30. The area between current levels and 109 is key support. At current levels we prefer to be bullish as long as price is above 109, risking just 30-40 pips. Price made recently a new lower low but as can be seen in the 1 hour chart, the RSI did not follow price and did not make a lower low. This is just an indication and not a reversal signal. I expect price to reverse to the upside once again and USDJPY to respect the 109.30-109 support zone. I can see USDJPY reaching 110.30 again.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.