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Thursday, January 07, 2021

USDJPY near breakout zone

USDJPY near breakout zone

USDJPY has been trading in a lower top lower bottom formation suggesting the trend to be bearish in the near term, further it is also trading below the 20-day SMA corroborating the above observation. The current rebound experienced by the pair is likely to be short lived and could be used to sell the currency pair. It would be prudent to say that the pair could decline in the near term towards $102.90 and $102.60 if it sustains below $103.50.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.

from Trading Ideas
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