The secondary trend of USD/JPY is bearish on charts and price is trading below the trend line in its weekly chart. In weekly chart the price is sustaining above 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair.
Resistance level of 121.70 and Support at the level of 110.99
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Resistance level of 121.70 and Support at the level of 110.99
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.