USDJPY reverses from the top of the structure
Login

USDJPY reverses from the top of the structure

Estimated Reading Time: 1 minute
Article Rating:
Based on 1 vote
Login to rate this article.

Orlando Gutierrez

Updated:
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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News