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Forex technical analysis: USDJPY stalls before swinging levels from June/July — Forex Stock Trade




Forex technical analysis: USDJPY stalls before swinging levels from June/July




Break above topside trend line has failed. 200 day MA-key support at 112.15 there are a lot of things in the USDJPY chart.
The 4-hour chart below shows that the pair moved into the top of a big trend line (currently at 112.52) yesterday and today. However, the break and the momentum approached another key area defined by the swing highs and lows dating back to June and July. During this time, the price broke out more, retraced and formed a floor to 112.81-93, only to break the soil and the downward trend.

The rally and follow through buying today reached a high of 112.711 before rotating back lower in the last two 4 hour bars. We currently have the trade back below the broken trend line at 112.52 (and moving higher). A movement above the trend line would be in the eyes of the buyers/bulls now.
On the other side of the coin, the daily 200 MA has been broken on the race until yesterday, 112.15 area. Today, the price has been able to stay above this key MA line. Look for buyers against this level on a bath today. The low in the London session has reached 112.24.
Therefore, a good resistance above 112.81-93 and the right support below to 112.15. Looking at the 5-minute chart below, we currently have the right to trade near the 200 and 100 bar MAs (green and blue lines) and to the right, near the middle of the trading range. Buyers and sellers wrestle with each other between the technical levels.



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