FX.co ★ USD/JPY: new downtrend?

USD/JPY Growth Seems Over!

The USD/JPY pair registered a strong growth but the buyers seem exhausted as the price failed to stay above the uptrend line. Dropping below the uptrend line may signal that the upside movement is over and that the price could develop a new downtrend.

It is trading at 127.70 at the time of writing below 127.84 former low which represented a downside obstacle. Technically, this level could turn into an upside obstacle. The downtrend line stands as an upside obstacle as well. As long as it stays below it, the price could extend its downside movement.

USD/JPY Trading Conclusion!

Staying below the downtrend line and dropping under yesterday's low of 127.18 could activate more declines and could bring new selling opportunities.