Trading plan for USDJPY

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Trading plan for USDJPY

Trading plan for USDJPY

We remain bearish USDJPY as price remains below the key long-term downward sloping trend line resistance. Price has made another lower high and shows rejection signs at the 106.30 area. If this price action is combined with a break below short-term support, then we should expect another move lower towards 104.

Trading plan for USDJPY

Pink line – resistance

With resistance confirmed at 106-106.30 area, we keep a close eye on short-term support at 105.90 and next at 105.35. Bulls need to break below these two key support levels in order to push lower towards 104.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/187713/