- February 28, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The USDJPY pair is about to make contact with the 1D MA200 (orange trend-line) for the first time since December 20 2022. This is just below the 138.210 Resistance (December 15 High). With the 1D RSI overbought (70.00), we deem this level as the best sell opportunity on the medium-term, targeting first the 1D MA50 (blue trend-line) and the dashed Higher Lows trend-line in extension that provided Support in January.
A 1D candle closing above the Resistance would be a bullish break-out and we will close the sell and instead target Resistance Zone 1. A closing below the dashed Higher Lows trend-line, would be a bullish break-out, targeting Support Zone 1 and the January 05 2021 Higher Lows trend-line in extension.