The USD/JPY pair is trading below the downward trend line on a 60-minute time frame. The price is alos trading below the 100 day (shown in red) but below 50 day (shown in green) and have broken its upward trend lines which means that the bears are in control of the price.
The RSI line is showing a clear sign of pergence in relation to the price action which means that donward trend may not last for long and we also have the double bottom formed for the MACD indicator which is a further confirmation of the above argument.
- Resistance Zone
- Support Zone
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.by Naeem Aslam