USD/JPY Challenged by the Bears at 108.85 — Foreign exchange Information

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USD/JPY Challenged by the Bears at 108.85 — Foreign exchange Information

The US greenback versus the Japanese yen foreign money pair misplaced a part of the good points made final wee


The US greenback versus the Japanese yen foreign money pair misplaced a part of the good points made final week. Is that this a bearish win or the bulls are making ready their new march in direction of 110.29 from higher costs?

Lengthy-term perspective

After the low printed at 104.44, the worth began an appreciation that took the form of an ascending pattern.

The low of 108.27 posted a risk for the bullish development, however they had been in a position to get the worth again inside the ascending channel and facilitate an upwards motion that topped at the 109.72 excessive.

From the 109.72 excessive the bears had been very decided, and that was seen as the worth pierced but once more the assist trendline of the ascending channel and additionally the 108.85 degree that final time was very simply conquered by the bulls.

Nonetheless, the bulls confirmed that they’re nonetheless in the market, as they crystalized a piercing sample — see the December four and 5 candles, respectively. One modification could be that the sample was printed underneath the 108.85 degree — the bullish candle closed at the degree, not barely above it which might have given the bulls much more credit score.

The excellent news is that the piercing sample, with respect to the low of 108.27, is a increased low, thus giving the bulls at least some confidence.

So, as lengthy…



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