ZuluTrade Blog

USDJPY is approaching a major Resistance Zone

Market View | Monday, September 18, 2017 9:27 AM GMT

USDJPY had a strongly bullish weekly candlestick. This means that buyers are in control and traders may prefer bullish trading setups. However, reviewing the daily timeframe, the pair is approaching a major resistance zone. There is an important confluence between 111.5 and 111.75 as there are 200 SMA and 61.8% Fibonacci retracement level. This area may offer decent selling trade opportunities. On the other hand, we have noted two support zones where bulls may step in again, buying the dips as the mid-term uptrend remains bullish and any setbacks could be buying opportunities.

Weekly

Daily

Hourly

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