Source: Forex Analysis
USD/JPY has been trading sideways in past 24h hours at the price of 108.08. Anyway, I found bearish divergence on the MACD oscillator, which is sign that there is potential for the downside. Be careful with long positions.
Upper green line – Broken support line
Purple line – Expected path
Blue horizontal lines – Support levels
MACD oscillator is showing decreasing momentum on the upside and bearish divergence. Support levels are seen at the price of 107.55 and 107.24 and resistance levels are found at 108.25and 108.50. Bulls need to be very cautious as there is bearish divergence on the MACD oscillator and potential downside movement. Selling opportunities are preferable with the targets at 107.55 and 107.25.
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