USDJPY ANALYSIS WEEK OF JULY 24, 2016
Weekly:
Price has hit a major support area at 101.500. It has been a nice test but It will have to retest it sooner or later.
Daily:
Looking at the daily price is moving on a nice downtrend. Price hit and rejected the 50 MA numerous attempts confirming it has turned into a dynamic resistance.
4 Hour:
There can be either of two areas which can bring price down to make a lower low. 106.500 - 107.500 range and/or 109.000 if price decides to move that far for its continuation down.
A nice TP should be around 99.500 area.
Wishing everyone a good trading week!
Price has hit a major support area at 101.500. It has been a nice test but It will have to retest it sooner or later.
Daily:
Looking at the daily price is moving on a nice downtrend. Price hit and rejected the 50 MA numerous attempts confirming it has turned into a dynamic resistance.
4 Hour:
There can be either of two areas which can bring price down to make a lower low. 106.500 - 107.500 range and/or 109.000 if price decides to move that far for its continuation down.
A nice TP should be around 99.500 area.
Wishing everyone a good trading week!
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