USDJPY works it's way into swing area

Technical Analysis

Author: Greg Michalowski | usdjpy

The 108.36 to 108.47 is a swing area ahead of the high from last week

The USDJPY has moved into a swing area defined by highs on September 18, September 19 and 20, and October 1 in the 108.363 to 108.471 area. 
 
The 108.36 to 108.47 is a swing area ahead of the high from last week

On Frriday, and earlier today, the price moved above that area, but backed off (the high reached 108.607 on Friday).  A move above should be more bullish. Stalling here and backing back below the area, could damage the buyers ideas today.

ON the downside today, the low stalled near the 38.2% of the move up from the October 10 low. That comes in at 108.003 - a nice round number too.  The bounce has been pretty steady off that low.  

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose