Forex News: USDJPY Back to Channel Resistance at 112.10

The USDJPY is in the process of retesting channel resistance that extends from the current 2017 high.

Buyers previously closed the pair above this level on May 8th, but last week’s 230 pip single session drop forfeited the new support level.

But by the end of Tuesday’s session, the pair had climbed back above the 111.70 handle. This is the location of two swing lows from February and also served as resistance late last week.

Today’s retest is an important one for risk assets as the USDJPY tends to signal shifts in risk sentiment more than any other yen pair.

A daily close back above 112.10 would signal the next leg up for the pair as well as other crosses such as the AUDJPY and NZDJPY.

Source:
Daily Price Action
43836 Laburnum Sq Ashburn,
Virginia
20147 United States
(240) 778-3679



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply