USD/JPY rejects massive level (yen futures bouncing from resistance)

Orlando Gutierrez Learn 2 Trade

The USDJPY rekected a massive level in early European trade (104.00-104.40) and is bouncing back up. This llevel has historically has seen big buyers jump in. This was the Sept. 20 2020, Aug. 25 2019, Jan. 1 2019 and March 22 2018 lows. After those lows we have seen rallies ranging from 7.4% to 9.30%

Price has been ranging around this level since August and a surge here could trigger a long term rally if the current structure breaks.

Key levels to the upside: 105.00 and 106.00

A break of the 106.00 would be extremelly bullish.

Also Japanesse Yen Futures are rejecting a big level of resistance now and if sellers take control this scenaario is even more plausible

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Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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