FX.co ★ Devil786 | USD/JPY

Technical Analysis USD/JPY H-4 The situation for the USD/JPY currency pair on the morning of November 21 is that the bulls could not cover their losses and, within the framework of a new growth wave, could not reach the local maximum. At 156.75, resistance at 155.85 and the upper border of the Bollinger Bands indicator are being bounced back downwards. This may impress the bears and convince them that the bullish pressure is weakening, however, there is a nuance here, which consists because in the current wave of decline from the level of 155.85, the USD/JPY prices have only reached the level of the test of the main support at 155.00, and the H4 stochastic has already reached the lower border of its indicator, which will soon limit the decline of this currency pair. If the USD/JPY price had reached the support at 153.15, I would have thought about changing the entire H4 trend to the south, but now I believe that the price may fall into the test of the middle Bollinger Bands indicator and the 14-period moving average line, after which it will return to the north and try to go up to the test of the resistance at 155.85. Above the level of 155.27, I expect the pair to reach the resistance level of 155.85 and the level of 156.50. If the price goes below the level of 154.60, this will be a southern correction of 154.25 and a request below the level of 153.95. USD/JPY is trading above the monthly pivot level of 149.61 (143.47), above the weekly pivot level of 154.60 and below the daily pivot level of 155.27, which tells us about the corrective mode of the pair. Resistance and fork in this session is the level of 155.00, from where the pair can go down for a correction, and above it we can expect north of 156.50. I am in the north for now.