A complete top down analysis of the USDJPY.
Monthly support at 125.85, resistance at 135.16.
Price has advanced back to the 135.16 monthly resistance level the major high formed in January 2002.
Weekly support at 131.34, resistance at 135.16.
Weekly chart is in an uptrend and price is testing the 135.16 monthly resistance level for the second week in a row. Will price hold or move above the 135.16 monthly resistance level?
Daily support at 131.49, resistance at 135.58.
Daily chart is in an uptrend, but MACD may be forming negative divergence. A double top pattern may be forming at the 135.16 monthly resistance level. A break below 134.53 yesterday’s low would start to confirm the formation of a double top pattern on the daily chart.
Short term target 131.34 weekly support. Double top price projection target 127.41.
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