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USD/JPY: Today’s Major Zones 121.15 and 120.57
The USD/JPY pair has been trending downwards since the 26th of October 2015, with the sellers leading the price from as high as 121.47 to as low as 120.01.
The pair rose aggressively on Wednsday at the level of 121.25 to subsequently fall down to 120.57.Currently, the pair shows signs of stabilisation between the levels of 120.64 and 120.81. In the event that the buyers manage to gain momentum and force the price to break above the level of 120.91, the price could escalate up to 121.47 and 122.36 in extension.
In the opposite scenario, where the sellers manage to resume their downward pressures and push the price below the level of 120.02, the pair could decelerate down to 119.35.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.