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10.05.202115:47 Analisis Forex & Kajian: USDJPY supported

USDJPY has turned lower from the 109.60 level as expected. Price has reached the upward sloping important support trend line and so far traders respect it. In order for price to continue lower towards 106, bears will need to break this trend line support.

Exchange Rates 10.05.2021 analysis

Red line - support trend line

Black lines - expected size of decline

USDJPY short-term trend is bearish. Price is now testing major support trend line at 108.75-108.60. Holding above this area of support is key for the short-term trend. If price respects support, we could next see a strong bounce above 109.60 towards 110-11. If the red trend line is broken, I expect price to first test the important low at 107.50.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Alexandros Yfantis,
Analytical expert of InstaSpot
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