Key Support: 104.60 – 104.00
key Resistance: 106.40
USD/JPY Long Term View
The USD/JPY has been rising for the better part of 2021 on a Yen selloff but the long term structure remains bearish since the pre-pandemic highs around 112.00. This was a massive -8.15% move from high to lows with a 3.5% pullback to current highs.
The Yen remains a safe heaven for US Dollar holders on a depreciation of this currency. In other words, money flows to the Japanese Yen when the US Dollar gets hit mainly because Japan maintains a positive trade balance.
4H Chart Reading
The UJ has rallied this week 1.75% to retest the top of the current bullish structure as the DXY remains capped by the 90.85 key level.
This play is riskier since we are trading a reversal on a bullish move. Caution is advised.
Massive bearish divergence is detected on the higher time frames at the rejection of the Sept. – Oct. 2020 highs. It is at this level that sellers gained control of this market for about 3 months and pushed price down 3.5%
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated