The legend in the InstaSpot team!
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The USD/JPY pair is trading in the red at 135.81 on the H1 at the time of writing. In the short term is trapped between critical levels. It remains to see if this will be a buy or a sell, we need strong confirmation.
The currency pair seems overbought even if the Dollar Index reached fresh new highs. USD/JPY retreated as the Japanese Yen Futures rebounded. Fundamentally, the Japanese Average Cash Earnings rose by 1.0% versus 1.5% expected.
On the other hand, the US Factory Orders surged by 1.6% versus the 0.5% growth forecasted. Tomorrow, the FOMC Meeting Minutes and JOLTS Job Openings are seen as high-impact events and could really shake the markets.
As you can see on the H1 chart, the USD/JPY pair failed to stabilize above the upper median line (uml) which represented a dynamic resistance. Technically, the rate signaled exhausted buyers after failing to make a new higher high.
Now, it challenges the 135.59 static support. This is seen as a critical downside obstacle. A new lower low could activate more declines. Only staying above this level and above the upper median line (uml) followed by a new higher high could activate further growth.
Dropping and closing below 135.59 could invalidate further growth and could bring a new selling opportunity with a first downside target at 134.74.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
