Technical Analysis of Daily Price Movement of USD/JPY Main Currency Pairs , Monday November 06 2023.
November 6, 2023 9:28 am
Even though the price movement on the daily chart of USD/JPY main currency pairs is in a bullish condition and is above its Moving Average, the appearance of a deviation pattern between price movements and the RSI indicator gives an indication that in the next few days, USD/JPY has the opportunity to weaken. USD/JPY has the potential to fall to level 147.39 and if this level is successfully breaks downwards, then USD/JPY will continue its decline to level 141.53 as the main target and level 138.08 as the second target if the momentum and volatility are quite supportive but if it is on its way to the level target mentioned before suddenly strengthens again in this currency pair until it breaks above the level of 151.95, then all the downside scenarios that have been described previously will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Even though the price movement on the daily chart of USD/JPY main currency pairs is in a bullish condition and is above its Moving Average, the appearance of a deviation pattern between price movements and the RSI indicator gives an indication that in the next few days, USD/JPY has the opportunity to weaken. USD/JPY has the potential to fall to level 147.39 and if this level is successfully breaks downwards, then USD/JPY will continue its decline to level 141.53 as the main target and level 138.08 as the second target if the momentum and volatility are quite supportive but if it is on its way to the level target mentioned before suddenly strengthens again in this currency pair until it breaks above the level of 151.95, then all the downside scenarios that have been described previously will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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