A Rundown of USDJPY for September 12, 2018
Taking a look at the charts of USDJPY and a short-term outlook. What are the charts telling us right now?
On a 4 Hour Chart, USDJPY has three peaks and each of them has a lower high. The past two peaks have a lower valley and the 111.68 resistance zone (supply zone) appears to be holding up after a serious challenge in late August 2018. Signs point to a bearish move, but there are a pair of Support Zones waiting below that could prevent the trend of a lower peaks and valleys from happening.
The Triple Top is even more pronounced on a 1 Hour Chart, but there is a Support Zone in the more immediate proximity. A 14 period RSI shows a decline in sync with the declining peaks. The price is also flirting with the 20 period Simple Moving Average
Area of Resistance: 111.680 to 111.842.
Areas of Support: