USDJPY Forex Analysis for May 23rd 2019
The price action of USDJPY pair has been trading with a bearish bias inside fifteen minutes chart and the down trend looks good. Price action is stepping down, and bearish trend looks strong. Key resistance level is present at 110.42 price area, based on most recent swing high in 15 minutes chart of USDJPY.
For the Japanese Yen on Wednesday, there was no outstanding news announcement. According to the Forex analysis; USDJPY bearish trend could move price towards next resistance target at 110.00 with reference to the down trend, Forex traders should consider only sell trades. However; price could breaks and closes a bullish candlestick above 110.42 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 15 minutes time frame.
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