USD/JPY rejectes previous week´s highs

USD/JPY rejectes previous week´s highs

Key Resistance zone: 105.65
Key support zone: 105 – 104.410

USD/JPY Long-Term Trend: Bullish

The USD/JOY has been rallying since it hit the lows at 102.60 back in January 5th 2021. We have seen a very clean 310 pip bullish move but now the pair has rejected a big resistance level (105.65) which confluences with the previous two weeks highs.
15-minute Chart reading
We are still in a bullish trend short term but we have broken with yesterday´s lows and a retest here should trigger us in for a possible reversal. Be aware that the immediate support turned resistance zone confluences with today`s open (red line on the chart below)
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Author : Orlando Gutierrez

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