USD / JPY forms a double bottom
The pair USD / JPY, after the Friday’s decline of the American dollar, remains in a low-key sideways trend, which is on the one hand due to the persistence of the weakness of the dollar, and on the other, with the growth of optimism on the market. As a result, the pair remains in uncertainty.
In conditions of uncertainty and preservation of the general upward trend from USD / JPY growth is expected, which is also indicated by the formation of a “double bottom”. So, the buying zone for the pair is the level of 110.80-90, the breakthrough of which opens the way to the resistance levels: 111.20 and 111.40-50. Support is located at the levels: 110.40 and 110.20.
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Hanzenko Anton