Published:  June 21, 2019 4:25 am est
 Harish Shahi Contributor Commodities Market Analyst

by, Hitesh Devatwal,  Ritika Saini and Sahil Khan
 Contributor’s, NewsmovesMarketsForex

USDJPYRates by TradingView

 

DAILY CHART TECHNICAL ANALYST OF USDJPY June 20, 2019

 

By analyzing the daily USDJPY technical chart we can see that  in early stages the safe haven currency pair USDJPY was trading in  a uptrend and now it is trading in the downtrend where it seems like bears are facilitating a role to complete a rounding top pattern.

Since early May we have seen that bears are driving the car and appeared to he clearly in control taking the pair towards downside which is generating us bearish signal,

The way bears are reacting may seem like investors are not going to stop in premature stages and 105.50 level may seems  to be an unfinished target.

Odds are in favor of bears. Intraday  bias remains bearish on the pair. A daily closing below 107.50 level will open the way towards south side i.e. 105.50 level in near term.

USDJPY price action is making lower lows and lower highs and presently pair is trading below all major and minor EMA lines. A bearish crossover on the MACD indicator is generating bearish signal and RSI is also favoring the bears for the time being.

 

Some correction can’t be ruled out even short term trend is down so in a downtrend market sell on high will be profitable strategy. A bearish marabuzo candlestick has the created the chances of further weakness. The way bears are dominating the bulls it seems like they are approaching the 105.50 level initially and then 104.50 level  in near term. The 106.50 is immediate support level followed by 105.50 level whereas 109.00 level is immediate resistance level followed by 109.50.

 

 

 

USDJPY-Bears are testing the depth of the river, short it June 20 2019
The Owner of this website as well as third-parties involved with this site or affiliates opinions, analysis or insights does not constitute as investment nor financial advice.  Our commentaries and contributors analysis are know as a general opinions and does not constituent as investment advice. We will not be responsible for losses that users rely on from the content disseminating from this site.
 
 The content of this site is for informational and educational purposes should not be taken as buy sell recommendations just a general opinions and not a guarantee of performance of market results.  If you have questions about investing in the financial or forex markets you should consult a license professional financial adviser.
 
Trading Forex on margin can go for you or against you, investors should fully understand all the risk involved before placing trades.  Ownership as well as all parties and contributors involved with content on this site express no guarantees as to the accuracy or completeness of information.
 
The market conditions, economic environments change dynamically we will not be responsible if users rely our content and incur or undertake trading losses thereof.    Although we do are best to assure accuracy of information disseminating from this site all content is subject to change at any time and we do not make any guarantee of content accuracy.