USDJPY analysis

22.02.2021

Technical reviews

The dollar versus yen pair continued to decline to test the most important support 105.20 and start rebounding up from there, as the moving average 50 formed a good support to protect the price from incurring more losses, while the stochastic indicator provided positive signals on the four-hour time frame.

Consequently, these factors encourage us to favor the bullish trend for the upcoming period, which targets testing 106.44 as a next major stop, bearing in mind that breaking 105.20 will stop the expected rise and pressure the price to turn to the downside.

The expected trading range for today is between 105.20 support and 106.40 resistance

The expected general trend for today: Bullish

Author: GC
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