Sat, Feb 04, 2023 @ 11:21 GMT
HomeContributorsTechnical AnalysisUSD/JPY Breaks Major Support

USD/JPY Breaks Major Support

The Japanese yen soared after the BoJ unexpectedly relaxed its yield cap. The previous rebound quickly had turned into a bull trap at 137.80 under the 20-day moving average. The sharp fall below 134.50 is a sign of liquidation, invalidating the recovery attempt. The August low of 130.50 is a critical floor to test the bulls’ resolve and its breach may pave the way for a bearish reversal in the new year. As the RSI sank into oversold territory, the former demand zone next to 135.00 has turned into a supply one.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading