empty
 
 
19.11.2021 10:02 PM
USD/JPY retesting buyers

The USD/JPY pair retreated in the short term. The yen was strongly bullish today as the yen futures rallied. The price dropped despite the Dollar Index increasing as high as 96.23 level far above 95.51 today's low. In the last hours, the DXY retreated from today's high, so that USD was punished by this retreat.

Fundamentally, the Japanese Nation Core CPI registered a 0.1% growth matching expectations. On the other hand, Canada's retail sales data had a big impact on the Dollar Index. From the technical point of view, USD/JPY maintains a bullish bias as the price stands above an uptrend line.

USD/JPY still in buyers' territory

This image is no longer relevant

After its failure to stabilize above 114.69 or reach 115.00 psychological level, USD/JPY signaled an overbought situation. As long as it stays above the uptrend line and above the weekly pivot 113.62, the pair could still resume its uptrend.

A strong bullish pattern here could bring new long opportunities. Only a valid breakdown below the uptrend line could invalidate an upside continuation and could bring new short opportunities.

USD/JPY forecast

Testing and retesting the uptrend line, registering only false breakdown through this obstacle could signal that USD/JPY could start increasing again. In the short term, the pair moves somehow sideways, so we don't have a great trading opportunity.

As long as the price stays above the uptrend line, we can't talk about a downside movement. Only a valid breakdown through this dynamic resistance may open the door for a larger drop.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $3000 más!
    ¡En Septiembre, sorteamos $3000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback