For Traders

Analytical Reviews

Technical analysis

10.11.202217:05 Forex Analysis & Reviews: USDJPY under pressure after inflation data pushes Dollar lower.

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.

Red lines- bullish channel

Blue line- resistance

Blue rectangle -support (broken)

USDJPY is trading around 141.90. A few days ago we warned bulls that although price was trading inside the bullish medium-term channel, price behaviour was bearish and USDJPY was vulnerable to a move lower. It was expected by our analysis that USDJPY were to move towards the lower channel boundary. Price today broke below the horizontal support of 145.20-145.50 and has already lost more than 300 pips. On November 4th analysis we warned that price was vulnerable to a move towards 140. We expect USDJPY to find support at the lower channel boundary.

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.