The USD/JPY pair saw quite a consistent bearish trend during the past few weeks. The pair lost about 300 pips since December 16th, falling from the 84.40 level to the 81.40 level today. However, after the pair failed to breach through the 81.40 level it began correcting itself, and is now trading near the 81.60 level. The bullish correction is likely to extend today, with potential to reach the 82.00 level.
• The chart below is the 4-hour chart USD/JPY by ForexYard.
There is a very distinct bearish channel formed on the 4-hour chart, and the pair is now floating in its bottom.
• The pair recently reached as high as the 84.20 level, yet this appears to have initiated a mild bearish correction.
• The Slow Stochastic has just completed a bullish cross above the 20-line, indicating that a bullish correction might take place.
• In addition, The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• The next support levels are located at the 81.20, 80.80 and 80.50 levels.
• The next resistance levels are found at the 81.90, 82.30 and 82.70 levels.
USD/JPY 4-Hour Chart
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
