USDJPY Forex Analysis for June 6th 2019
With a strong sideways market, the price of USD/JPY Spot Forex pair is moving nowhere and Forex traders could easily notice that price action is printing up and down swings, meaning no trading chances for the day.
Multiple bullish and bearish legs could be seen in USD/JPY price action and market could hit a support area or a resistance level and the price direction looks unclear. Price action is stepping down and stepping up, looks like a Zig Zag pattern in both directions. Strong resistance is present at 108.47 price level and strong support is present at 107.80, based on most recent swing high and swing low in 15 minutes time frame of USD/JPY. However; a clear bullish break out in price action above 108.47 resistance area or a bearish break down in price action below 107.80 support area will kick start the new trend. So, based on today’s market situation, avoid buying and selling USD/JPY and just keep re-analyzing the price movement.
Source: https://fxinstructor.com/blog/usdjpy-forex-analysis-for-june-6th-2019
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