empty
 
 
20.09.2019 09:04 AM
Technical analysis of USDJPY for September 20th, 2019

USDJPY has reached our target of 107.50-108 and then some more, but now price looks like it is getting a reversal. Price has rallied more than 300 pips from the triple bottom area around 105 but remains below the major trend line resistance from 2015.

This image is no longer relevant

Blue line - major long-term trend line resistance

Green rectangle -major support area

Red arrows - triple bottom

USDJPY has bounced nicely towards 108.60 and is now pulling back. Support is found at 107 and a pull back towards this previous resistance now support level is expected. A higher low around 107 and an upward reversal could push USDJPY back towards the blue long-term downward sloping resistance trend line at 110. Breaking above the blue line would be a very important bullish signal, but it is too early to talk about this. We now focus on the potential pull back towards 107-107.50 area and see if we get a higher low. At 107 we also find the 38% Fibonacci retracement of the rise from 104.44 to 108.47.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback