USD/JPY And The Expected Support Levels

June 2, 2013 in Chart Alert

USD/JPY’s main support level during past 7 and a half months has been 5-week EMA. Please note that it is 5-weeks and not 5-days. Apart from this the price action has been within a parallel channel and whenever the support at 5-week EMA failed, the price found support at or above the lower trend line of this channel.

Recently there has been another support line emerging which is above the longer-term support line. Please check the weekly chart of USD/JPY as follows:

USD/JPY Weekly chart

USD/JPY 5 week EMA and the rising channel

The current price action is very close to all the support levels including the psychological 100.00, the previous resistances which should turn into resistance now i.e. 99.94, also the above mentioned trend-line and the 55-day EMA near 99.80. So we can safely say that 99.80 to 100.00 zone should come as a strong support zone.

USD/JPY Daily chart

USD/JPY analysis - 55-day EMA support

You may also like to check the weekly outlook of USD/JPY.

 

Comments are closed.