By Anton Eljwizat
The USD/JPY pair saw quite a consistent bearish trend during the past few weeks. The pair lost about 300 pips since December 16th, falling from the 84.40 level to the 81.40 level today. However, after the pair failed to breach through the 81.40 level it began correcting itself, and is now trading near the 81.60 level. The bullish correction is likely to extend today, with potential to reach the 82.00 level.
• The chart below is the 4-hour chart USD/JPY by ForexYard.
There is a very distinct bearish channel formed on the 4-hour chart, and the pair is now floating in its bottom.
• The pair recently reached as high as the 84.20 level, yet this appears to have initiated a mild bearish correction.
• The Slow Stochastic has just completed a bullish cross above the 20-line, indicating that a bullish correction might take place.
• In addition, The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• The next support levels are located at the 81.20, 80.80 and 80.50 levels.
• The next resistance levels are found at the 81.90, 82.30 and 82.70 levels.
USD/JPY 4-Hour Chart
Forex Market Analysis provided by ForexYard.
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