Home Technical Analysis Continuous updating for USDJPY ahead of weekly closing

Continuous updating for USDJPY ahead of weekly closing

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In the last technical comment on the USDJPY pair (published on June 10), we said the pair was on its way to activate a string negative divergence –class A- over weekly studies.

Additionally, bulls have experienced the highs recorded in 2007, which acted as a string resistance.

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The current week’s candle is small, but it aims to close in red territories, while RSI14 is valued at 60.00, offering a sign of resuming the bearish correction.

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Eyes should be now on 122.40 since a break below these levels will trigger panic sell-off actions, chiefly targeting 119.30-119.00 boundaries.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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