USD/JPY – 12.07.2024
![USD/JPY – 12.07.2024](https://assets.iorbex.com/blog/wp-content/uploads/2024/07/12155531/USDJPY-chart-12.07.2024-750x430.png)
SUPPORT | RESISTANCE | |
LEVEL1 | 158.75 | 159.65 |
LEVEL2 | 157.60-90 | 161.00 |
LEVEL3 | 155.70 | 162.00 |
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USDJPY managed correct as we saw before and managed yesterday to meet the target of the 157.60-90 zone.
As we see on the chart, Intraday resistance start from 159.65 and should prices hold below it, another drop to re-test the 157.60-90 support zone could hit the market which in turn could activate another rebound.
Above 159.65 more of an advance toward 161.00 could hit the market.
Below 157.60 more of a drop toward 155.70 could be expected.
SUPPORT | RESISTANCE | |
LEVEL1 | 158.75 | 159.65 |
LEVEL2 | 157.60-90 | 161.00 |
LEVEL3 | 155.70 | 162.00 |
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Head of Technical Analysis at Orbex, Rami Abu Draa
holds a bachelor's degree in Banking, Finance and Economics. A professional trader and mentor with over 10 years of industry experience, Rami is passionate about sharing his knowledge with Orbex clients from basic to advanced concepts of Technical Analysis, Investment psychology and Investment/Trading methodologies. He is able to combine fundamental and technical principles to deliver a unique perspective on the markets that enables Orbex traders to identify high-probability trading opportunities.
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