USDJPY, H4 | Fluctuate between 1st support and resistance?
June 14, 2023 7:22 am
The USD/JPY chart shows bearish momentum, indicating a downward trend.
There is potential for a bearish reaction from the first resistance at 140.23, with a possible decline towards the first support at 138.79.
The first support is an overlap support, while the second support at 137.71 coincides with the 50% Fibonacci retracement.
The first resistance at 140.23 is a significant multi-swing high resistance.
An intermediate resistance at 140.91 adds to its importance as a swing high resistance.
Overall, the chart’s bearish momentum suggests a downward bias, and the identified support and resistance levels provide areas to monitor for potential price movements.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/JPY chart shows bearish momentum, indicating a downward trend.
There is potential for a bearish reaction from the first resistance at 140.23, with a possible decline towards the first support at 138.79.
The first support is an overlap support, while the second support at 137.71 coincides with the 50% Fibonacci retracement.
The first resistance at 140.23 is a significant multi-swing high resistance.
An intermediate resistance at 140.91 adds to its importance as a swing high resistance.
Overall, the chart’s bearish momentum suggests a downward bias, and the identified support and resistance levels provide areas to monitor for potential price movements.
The material has been provided by InstaForex Company – www.instaforex.com
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