Dec 26 2020
USD / JPY Forex Technical Analysis
Dollar/yen fell relatively slowly on Friday with most major traders on the sidelines due to the Christmas holidays. The price action over the past six sessions shows that the bears are taking a break after breaking through the Forex pair at the lowest level since the pandemic started. Trading through 102,886 will indicate the resumption of the downtrend after six days of consolidating against the trend. The main trend will be turned into an upward movement through 104,751. The minor trend is also down. The smallest range is 102,886 to 103,890. 50% or the pivot level at 103.388 provides support. This level also controls the short-term direction of the Forex pair. The short term range is from 105,677 to 102,886. The retracement zone at 104,282-104,611 is the closest bullish target and resistance zone. It is also the last zone of resistance before a minor peak of 104.579 and a major peak of 104.751.