USDJPY reaches our bounce target

In an analysis posted back at the end of August I explained the signs that were showing me that a bounce towards 107.50-108 is possible. Price has moved as expected without breaking below any critical support level.

Blue lines – bullish divergence

Red line – short-term resistance

Green line – channel resistance

Black lines – triangle pattern (broken downwards)

USDJPY has reached our target of 107.50-108. Price could continue higher towards the lower triangle boundary as a back test of the downward break from back in July. Support is at 107.40 while resistance is at 109. Currently price is at a point where I would prefer to be neutral if I had no position. Still this is not the time to open short positions as there is no sign of reversal and it is not a good time to open new long positions as the stop for longs is at the August lows.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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