USD/JPY – Week 8 – Bearish sentiment expected.
The USD/JPY reached a five-month high last Wednesday going beyond the ¥106 level, boosted by better-than-expected data in the US Retail Sales.
As you can see on our chart, the price rejected the upper channel line twice, having a chance to go for a third attempt and make a new top. However, for this week we expect the price to retest and maybe break the bottom channel line, our first target being around the ¥104 support area.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
As you can see on our chart, the price rejected the upper channel line twice, having a chance to go for a third attempt and make a new top. However, for this week we expect the price to retest and maybe break the bottom channel line, our first target being around the ¥104 support area.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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