USDJPY Waiting For Pullback to Entry on Upside Continuation
U.S. Dollar/Japanese Yen FX:USDJPY
✔️ Daily timeframe testing level of resistance which matches up with the 200SMA on the 1hr
✔️ USD should continue to remain under pressure with the rise in the COVID19 case numbers
Looking at the 1 hour timeframe we can see that we’re starting to round off as the pair struggles to hold above the 200SMA. If the pair retraces back down towards support which was recently resistance, we should look for a possible bounce. If we’re able to hold above the support after the retracement, that might open the doors for a possible long on the continue leg up.
If however we’re unable to bounce as we approach support, I would look for further downside back towards the 104 area.
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.