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 has climbed along a steep, upward-sloping support channel since 114.39, the pair rose at an even more ambitious incline.
We expect to see a strong reaction off this level to push price up towards 115.53 before 116.05 resistance (Fibonacci retracement, horizontal swing high resistance).
The USD/JPY pair set above strong support at the level of 114.39, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity.
Hence, major support is seen at the level of 114.39 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 114.39 and 114.87. The USD/JPY pair is trading in a bullish trend from the last support line of 114.39 towards the first resistance level at 115.35 (double top) in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 115.35 and further to the level of 116.08.
The level of 116.08 will act as second resistance and the double top is already set at the point of 115.35.
At the same time, if a breakout happens at the support levels of 114.39 and 114.03, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
*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।
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