The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The USD/JPY pair rallied as expected. I've talked about this scenario in yesterday's analysis. DXY's strong growth and Yen Futures' drop forced the pair to approach and reach new highs. It has climbed as much as 137.43 today where it has found resistance and supply again.
The Japanese Yen took the lead even if the Japanese economic data came in mixed today. Economy Watchers Sentiment and Bank Lending came in better than expected, while Current Account and Leading Indicators reported worse than expected data.
Later, the fundamentals should move the rate. The US ADP Non-Farm Employment Change and JOLTS Job Openings represent high-impact metrics. In addition, the BOC should have an impact as well.
Technically, after its strong growth, a temporary retreat is natural. The rate could come back to test and retest the immediate support levels before jumping higher again. You knew from my previous analysis that taking out the 136.91 static resistance may announce further growth.
It has reached the weekly R2 (137.90) and now it has turned to the downside. It has registered only a false breakout and now it could test and retest 137.10 and the median line (ml).
The current retreat is natural. Testing and retesting the 137.10 - 136.91 zone and the median line (ml), registering false breakdowns could announce that the retreat ended and that the buyers should take the lead. This scenario is seen as a new buying opportunity as the bias remains bullish. Also, a new higher high, a bullish closure above 137.91 is seen as a bullish signal.
In my opinion, only dropping and stabilizing below the weekly R1 of 136.85 invalidates the upside continuation.
*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।
