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02.12.202109:53 Forex Analysis & Reviews: USD/JPY above demand zone

Exchange Rates 02.12.2021 analysis

USD/JPY Downside Pressure!

The USD/JPY pair dropped further after ignoring the uptrend line. Technically, when the price drops below an uptrend line, the upside movement could be over and the price could develope a downside movement.

In the short term, USD/JPY reached the 112.76 former low which stands as a static support, as a downside obstacle. This level stopped the downside movement. As you can see, the rate tries to come back higher. So, USD/JPY could start increasing and it could develop a new swing higher as long as it stays above 112.76.

USD/JPY Trading Conclusion!

The current drop could be only a temporary one as long as it stays above 112.76. On the other hand dropping below 112.76 could activate an confirm a larger downside movement, abroader downtrend.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Analytical expert of InstaSpot
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