Support & Resistance

USD/JPY: uptrend could be over

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USD/JPY Demand Zone!

The USD/JPY pair dropped in the short term after its strong uptrend. A temporary drop was natural. Now, the price found demand in the 145.07 – 145.88 zone. These former highs (historical levels) represent downside obstacles. The price was located at 147.69 at the time of writing.

The USD/JPY pair is almost to reach the uptrend line which represents an upside obstacle (the downside obstacle turned into an upside obstacle).

USD/JPY Trading Conclusion!

Staying below the uptrend line and dropping below the 145.88 -145.07 zone activates a larger drop and brings new selling opportunities.

On the other hand, jumping and stabilizing above the uptrend line and above 149.47 former high may signal further growth.

The material has been provided by InstaForex Company –