TECHNICAL ANALYSIS

USDJPY Approaches Its Next Target Level


The low for the day hit 103.17. March 12, 2020 lower at 103.066

USDJPY is lower on this day and has moved closer to the swing low of March 12, 2020 at 103.066. Today’s lows so far hit 103.170. The current price is as low as 103,395. The buyers leaned against the bottom and in doing so gained minor control. At least they’re in the game as long as the price can stay above the 103.066 level.

Yesterday the price on the daily chart fell below the swing lows dating back to July between 103.995 and 104.18. Ultimately, if buyers want to regain more control, it would be necessary to break above this level on the daily chart.

The low for the day hit 103.17. March 12, 2020 lower at 103.066_
By exploring the hourly chart below, the price is trading below an upper trend line and above a lower trend line. At today’s low I can’t say it climbed along the lower trendline, but it got closer. The pair is testing a swing zone of yesterday’s trade and today’s corrective high between 103.563 and 103.604. The upper trendline cuts near the top of this swing zone. Climb above and there could be more bullish polls in the higher corrective movement.

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