USD/JPY Trades Through Support and Retests Zone as Resistance

in forex •  3 months ago 

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Direct from the desk of Dane Williams,
This is not your average forex broker blog.


Afternoon team,

Last time I wrote about USD/JPY, the pair was retesting previous resistance as support. Oh how quickly things change in forex markets!

Taking a look at the updated higher time frame chart below, you can see that USD/JPY broke through support, with that same zone now being retested as resistance.

USD/JPY Daily:
191009-usdjpy-d1.png

Just looking at the way price has formed a lower low after capping out into the zone, the chart certainly looks bearish to me.

One big lesson that you can take from USD/JPY is to keep support/resistance zones on your charts even after they've been broken and traded through.

Best of probabilities to you,

Dane.



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@forexbrokr | Steemit Blog

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