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USDJPY Forex Analysis for May 17th 2019

USDJPY Forex Analysis for May 17th 2019
Friday, May 17th, 2019 @ 6:25 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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The price action of USDJPY pair has been trading with a bearish bias inside daily chart and the down trend looks good. Price action is stepping down, and bearish trend looks strong. Key resistance level is present at 111.67 price area, based on most recent swing high in daily chart of USDJPY.

 

For the Japanese Yen on Thursday, there was no outstanding news announcement. According to the Forex analysis; USDJPY bearish trend could move price towards next support target at 108.00 With reference to the down trend, Forex traders should consider only sell trades. However; price could breaks and closes a bullish candlestick above 111.67 important resistance level and this will end the bearish trend. From this time forward, Forex traders must seize the opportunity to stop trading and re-assess USDJPY in daily time frame.

USDJPY Forex Analysis

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