Forex USD/JPY

USDJPY Daily Technical Analysis: Trading Range

USDJPY

USDJPY appears to be ranging between two zones of support and resistance. The area of resistance is between 114.48 and 114.05, the area of support is larger between 109.38 and 108.12.

This is confirmed by the slow stochastic indicator. Every time this market gets either to the top or bottom of the range the slow stochastic corresponds by either being overbought or oversold.

USDJPY is currently trading at 110.09 and the slow stochastic is in the oversold zone. Should this market get down to the support zone, this would be a place buyers may step in. Stop loss below the bottom of the range and target first level of resistance (114.05).

Should this market break below 108.12, the next level of support would be at 106.47.

 

Avatar Cameron Bowen
Cameron is an experience, long-standing investment writer.
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