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The USD/JPY pair rebounded as the Dollar Index seems oversold while the Japanese Yen Futures ended its growth. It was traded at 136.68 at the time of writing. Still, the current rebound could be only a temporary one.
Tomorrow, the Japanese economic data could change the sentiment. The Monetary Policy Meeting Minutes, SPPI, and the BOJ Core CPI could bring more volatility. The US CB Consumer Confidence could be decisive. Worse than expected US data could force the greenback to depreciate.
Fundamentally, the most important event of the week is represented by the FOMC. The Federal Funds Rate is expected to be increased from 1.75% to 2.50%.
As you can see on the H1 chart, the price turned to the upside after reaching 135.56. Now, it has developed an up-channel that could represent a bearish pattern. Now, it challenges the 136.71 - 137.00 resistance zone.
Staying below this zone may signal that the downside movement is not over yet. Only a valid breakout above 137.00 could announce further growth.
Testing and retesting the 136.71 - 13700 resistance area, registering only false breakouts, and making a valid breakdown below the uptrend line could announce a new sell-off. A new lower low, dropping and closing below 136.21 could bring new selling opportunities.
*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।
