USD/JPY Testing October’s Falling Trendline

0
119
USD/JPY Testing October's Falling Trendline

USD/JPY has been falling from the current high on the year at 110.08 made in late September. In October, it has been in a bearish correction mode. But now it is finding support at the old 2014-high. Will it resume the bullish trend?

USD/JPY cleared below 107 this week after poor US data. However, it found support at the old 2014-high at 105.44. It is now mounting a rebound above 106.50 and is testing October’s falling trendline. A break above that and then above the previous resistance pivot at 107.50 would likely reflect bullish continuation. Before that however, we might get some consolidation between the 106 and 107 area as the market shifts away from October’s bearish mode, that is IF price breaks above this October trendline. If it doesn’t USD/JPY is still bearish, with pressure back toward this week’s lows around 105.20.

Previous Post by Author: Gold Keeps Shining in October, but For How Much Longer?

SHARE
Previous articleOrbex Daily Forex Analysis – October 17
Next articleCryptocurrency Trading News: Market Running Out of Steam
Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.