Community post
USDJPY Lookout Below!! - MAJOR SUPPORT BROKEN
Here on the daily chart we broke a major support level of 111.22. Seller's clearly have the momentum herewith a foreseeable target of 108.42.
As far as price action is concerned, we are in a downtrending channel (notated by the 2 downtrending diagonal lines). Today being Sunday/Monday (depending where you are in the world), price may hit the bottom of this channel, come and retest 111.00+ before continuing downwards.
The market always likes to retest and respect levels before a trend continuation, just to be sure whether the buyers or sellers have control in the market.
What are your thoughts? 🤔
Replies (6)
@originalworks
Hitting on my fav. pair. I was trading this pretty actively until crypto completely took over my world. ;-)
I love USDJPY. I'll be posting regularly with more analysis, stay tuned :). What other pairs did you trade?
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That was really it. I mainly trade equities, now its all ignored for crypto lol. You should check out @forexbrokr he posts about currency a pairs too.
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