💱 USDJPY - False break of support forms a u-turn set-up

8 במאי 2023

The USDJPY was shaken up badly on last week's news. The price has tested support at 134.00 and is starting to show positive momentum again.

TA on a high timeframe:
1) Globally there is no clear trend. The price is in a sideways range.
2) The price goes from the support retest to the side range resistance within local uptrend.

TA on a low timeframe:
1) Price makes a false break of the upward support line.
2) The retest of resistance 135.137 is formed.
3) After the false breakout, the price does not fall, and comes back to the resistance retest.
4) Forms a reverse H&S set-up
5) Resistance breakout would form a bullish impulse

Key resistance: 135.137
Key support: 134.67, 134.00