- March 19, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: The pair shows a strong movement towards the downside side in the market. The market creates its bearish side in the market. The pair is a downfall in the market as we can see it will again bounce back from the level 109.00. The US Dollar puts strong session as bearish are going to reach strong momentum in the market. Dollars are getting pressure as the bears are making the downside moves towards the strong side in the market. The bulls are showing their aggression towards the positive side in the market. The seller is creating strong sell signals in the market.USD/JPY has failed to capitalize on its bounce above the 109-level, induced by the BOJ’s minor tweaks in its yield and ETF targets. The odds are in favor of the sellers and create strong bearish momentum.
Technical analysis: From the technical point of view we can say that market sit towards the sell-side and creates sell signals in the chart. The market-creating strong volatility towards sell-side in the market. A downtrend trend has been created as the flow of funds is more towards the dollar side. Sellers are creating the demand and raising the expectation level towards the sell-side in the market. The pair tested a strong resistance level in the market and trying to break the support level. The USD/JPY pair is neutral-to-bearish. The 4-hour chart shows that it remains around a directionless 20 SMA, but above the longer ones, which maintain their bullish slopes. The Momentum indicator hovers just below its 100 level while the RSI gains bearish strength but around 50. The pair could turn bearish in the near-term on a break below 108.70, the immediate support.
Trade idea: Traders go for sell at the level 108.83 and target will be 108.30 – 107.60 and stop loss will be 109.50.
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