USDJPY Held Back on Monday

Overview

15th January analysis

USDJPY appears to be haunted by previous week’s supply zone with a range of 146.300 and 145.530

On Monday morning, Asian trading session shows bulls are trying really hard to break the rejection level at 145.08.

I’m taking two accepted price levels as pivotal for trading activity before London session opens, ie 144.809 and 144.349. If these levels are violated, the bulls have lost to the bears and we can expect to see price accelerate to the downside. 143.430 would then be the next level of support to watch for the next phase of price action.

It’s holidays in the US today but price action looks active and exciting.

Forecast

Entry 145.08

SL 145.22

TP 140.05

Price Chart