Mon, Nov 25, 2024 @ 10:58 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisUSD/JPY Consolidating Losses from 114.56 Low

USD/JPY Consolidating Losses from 114.56 Low

FXOpen
By FXOpen

The US Dollar started a fresh decline from the 115.70 zone against the Japanese Yen. The USD/JPY pair traded below the 115.00 support level to move into a short-term bearish zone.

The pair even traded below 114.80 and settled below the 50 hourly simple moving average. A low is formed near 114.56 and the pair is now consolidating losses. An immediate resistance is near the 114.80 level and a key bearish trend line forming on the hourly chart.

A clear break above the trend line resistance could push the price towards 115.00 on FXOpen. The next major resistance is near the 115.20 level.

An initial support on the downside is near the 114.50 level. The next major support sits near the 114.20 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 113.50 level.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.