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USDJPY pay attention to 123.80 and 122.90

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The CPI report has come as expected (0.2 % vs 0.2 %) and we can see that the USD is still looking strong. Technically we can spot range bound price action with 2-way trading as USDJPY is moving without a clear trend. H4 timeframe shows V shaped reversal and when we zoom into H1 timeframe we can clearly see 122.90 to the downside and 123.80 to the upside. If price retraces to 122.90 POC (H3,WPP,EMA89,trendline) we should expect some bounce towards 123.40 and if the price rallies towards 123.80

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