The primary trend of USD/JPY is bullish on charts and price is trading above the trend line in its hourly chart. In hourly chart the price is sustaining below 50 day SMA and taking resistance of 200 day SMA indicating uptrend of the pair.
Resistance level of 123.75 and Support level of 120.15
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Resistance level of 123.75 and Support level of 120.15
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.