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USDJPY Forex Analysis for May 16th 2019

Thursday, May 16, 2019 1:09

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The price action of USDJPY pair has been trading with a bearish bias inside daily chart and the down trend looks good. Price action is stepping down, and bearish trend looks strong. Key resistance level is present at 111.67 price area, based on most recent swing high in daily chart of USDJPY.

For the Japanese Yen on Tuesday, there was no outstanding news announcement. According to the Forex analysis; USDJPY bearish trend could move price towards next support target at 108.00 With reference to the down trend, Forex traders should consider only sell trades. However; price could breaks and closes a bullish candlestick above 111.67 important resistance level and this will end the bearish trend. From this time forward, Forex traders must seize the opportunity to stop trading and re-assess USDJPY in daily time frame.

Source: https://fxinstructor.com/blog/usdjpy-forex-analysis-for-may-16th-2019

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