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The USDJPY broke below a critical support level a few weeks ago.
I wrote about the 103.60 area on December 9th.
A few days later, USDJPY bears cleared that level following the December 18th weekly close.
However, the pair is still holding above a key level on the weekly chart.
You can see how the 103.00 handle has triggered bounces since early November.
Until USDJPY closes a week below 103.00, the downside is limited.
If you’re a Daily Price Action member, you know I haven’t been a fan of trading the USDJPY for a long time.
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Although the pair has trended lower since last February, the price action hasn’t been ideal.
You can see how back and forth USDJPY has been from the weekly chart below.
That alone has made it an unfavorable market, in my opinion.
All that said, as long as USDJPY is carving lower highs and lower lows, the downtrend is intact.
Furthermore, sellers are in control while the pair is below 104.00 on a weekly closing basis.
I won’t be trading USDJPY as I feel there are better opportunities out there.