23.07.202007:28 Forex Analysis & Reviews: Control zones for USD/JPY on 07/23/2020

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The pair has been forming an accumulation zone for two weeks. This makes it possible to use weekly extremes when searching for entry and exit patterns. Today, it is trading at the upper border, so you need to be ready to sell the instrument if the test leads to the formation of an engulfing pattern.

The resistance zone is decisive, so its test will indicate the priority for the following week.

It is necessary to close today's trading above last week's high to resume the upward pattern and exit the flat. This will allow us to consider purchases tomorrow. When this pattern is formed, the mid-term growth target will be the weekly control zone 109.77-109.43.

Daily CZ - day control zone. A zone formed by important data from the futures market that changes several times a year.

Weekly CZ - weekly control zone. A zone formed by important marks of the futures market that change several times a year.

Monthly CZ - monthly control zone. A zone that reflects the average volatility over the past year.

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