empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

27.05.202215:54 Forex Analysis & Reviews: USDJPY remains vulnerable to more downside.

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 is trading around 126.97. Short-term trend is bearish as price is making lower lows and lower highs. Price continues trading below the key downward sloping resistance trend line. As long as this is the case, price will remain vulnerable to sellers. If bulls manage to break above 127.55 we will have a bigger upward breakout.

Exchange Rates 27.05.2022 analysis

Blue lines- bullish channel (broken)

Black lines- Fibonacci retracements

Red line -resistance trend line

USDJPY is vulnerable to a move towards the 38% Fibonacci retracement at 124.55. Currently at 126.90, if price breaks below 126.45 we will get a new bearish signal. On the other hand a break above 127.55 would push price higher towards 129-129.45. Currently we prefer to be neuetral if not bearish.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off