Despite the Bank of Japan (BOJ) intervention, there doesn’t seem to be enough bullish sentiment to reverse the downtrend on the daily chart. On the other side of that coin, the bears certainly are not putting the pressure on the USD/JPY in a way that is pushing the the pair back into its former downtrend either. The stall comes from a lack of bullishness in a pair that is still reflecting the fact that there is still strength in the yen itself but the fear that the BOJ could act again and push the USD/JPY through 86.00.
The daily chart’s reversal of the Channel Down and subsequent resistance.
There is an intraday double top that should be watched on the 240-minute chart. Horizontal resistance along 85.90 and 85.93.
Check out my friend and new trader, Mark O’s blog on trading here. It follows much of my trading approach.
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- Be aware of Directional Bias espeically when it comes to longer-term, intraday time frames.
