USDJPY – Price Action Pressuring Key Support Level ST | Feb 2

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USDJPY – Support Level Moving Lower, Pressure On (4hr chart)
After 2x holding the key support level around 112.75, the USDJPY price action has broken through towards 112.10. What is interesting is this level has now held 2x but produces more meager bounces each time.

For now the pressure to push lower is on with the floor drifting downwards. If the current bounce cannot take out the prior swing highs around 113.75, then the pair is more likely to retest 112.10 before hitting the key resistance level around 115.30.

However should the pair clear 114 on a daily closing basis, then that lifts the ST lid making it easier for an attack on 115.30.

A daily close below 112 meanwhile puts the bears firmly in control on a ST & MT basis.

usdjpy price action 2ndskiesforex

 

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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