ByLCMS Traders FX Analysis Team
JUN 7, 2021
USD/JPY Bulls stalled near the 110.00 resistance area which led to an almost 80 pips decline on Friday. Currently, the pair is trading at 109.40 with immediate support levels at 109.33 and 109.18. The near-term resistance areas are at 109.64 and 109.84.
On the intraday charts, a bearish engulfing pattern is suggesting a further decline. However, the pair is still above the moving averages, the SMA-14 is indicating support at 109.34 and the SMA-50 is showing support at 109.18. The mid-Bollinger band is at 109.30 and the upper and lower bands are at 110.12 and 108.48. The RSI is at the neutral zone while the MACD is below the zero line. Following the intraday price, a drop below the SMA-14 (109.34) would be an indication of a further decline. Therefore selling entries would be ideal at the following levels
Direction: Sell
Entry: 109.30
Take Profit Range: 108.90 – 108.75
Stop-Loss: 109.60
An intraday closing below the SMA-14 is likely to strengthen the bears and the possibility of a further drop towards 108.50 would be higher during this week. On the upside, an intraday closing above 109.85 would be ideal for the bulls to once again resume the uptrend.
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