$USDJPY - Watch these levels carefully
Hi guys! 👋🏻
🔔 Japan has been showing a steady recovery from the pandemic today’s Trade Balance and Exports data testifies. Battered US Dollar Index also supports the downtrend of the USD/JPY.
🔔 Yesterday’s US Retail Sales, import and export price indexes data announced were below the forecasted, more importantly Core Retails sales (MoM) was 1 bp lower than the previous month’s 1.2%.
🔔 On a daily USD/JPY we can witness a downtrend channel that the pair follows. One of the important metrics on this chart is that the MA100 acted as a resistance on November 11, when USD/JPY hit the upper edge of the channel.
🔔Important levels to watch are $103.70, which is a static and dynamic support on a 4H chart, closing below this level will be a ground for another round of sell-offs down to $103.166.
🔔 On both Daily and 4H charts, Moving averages act as resistances and MACD indicates bearish continuation.If there are no tangible signs of economic recovery in the US and the spirit of “uncertainty” remains, the US Dollar against the Japanese Yen might as well plummet further to near year’s minimums at $101.747..
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Japan has been showing a steady recovery from the pandemic today’s Trade Balance and Exports data testifies. Battered US Dollar Index also supports the downtrend of the USD/JPY.
🔔 Yesterday’s US Retail Sales, import and export price indexes data announced were below the forecasted, more importantly Core Retails sales (MoM) was 1 bp lower than the previous month’s 1.2%.
🔔 On a daily USD/JPY we can witness a downtrend channel that the pair follows. One of the important metrics on this chart is that the MA100 acted as a resistance on November 11, when USD/JPY hit the upper edge of the channel.
🔔Important levels to watch are $103.70, which is a static and dynamic support on a 4H chart, closing below this level will be a ground for another round of sell-offs down to $103.166.
🔔 On both Daily and 4H charts, Moving averages act as resistances and MACD indicates bearish continuation.If there are no tangible signs of economic recovery in the US and the spirit of “uncertainty” remains, the US Dollar against the Japanese Yen might as well plummet further to near year’s minimums at $101.747..
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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