USDJPY flirts with key support zone
USDJPY slipped after failing to overcome 164.00. But it is now rebounding from a very important zone at around 163.30, remaining above an uptrend line.
XM Group
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3 days ago
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Overview: USDJPY slipped earlier today, after failing to overcome 164.00 yesterday. That said, it is now rebounding from a very important zone at around 163.30, remaining above an uptrend line.
Momentum: The RSI and the MACD are detecting slowing upside speed, corroborating the weakening of the current short-term uptrend.
Bullish scenario: Nonetheless, the rebound from near the trendline suggests there is still a chance of an impulsive wave, perhaps to target again 164.00. A break higher may open the way towards 165.00.
Risk: A dip below 163.20 could invalidate the bullish case as it will signal the completion of a double top on the 4-hour chart.
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