USDJPY near support zone

02 November 2020

USDJPY in the previous week ended in a doji formation suggesting indecision after a sustained downtrend in the past few weeks. The doji has formed near the multiple support zone of 104.00 which has been tested many times, suggesting the currency could form a bottom at 104.00 from where it could rebound in the near term. On the daily charts as well the pair is making a potential double bottom supporting the above observation, RSI is rising corroborating the above view and suggesting a rise for dollar yen. It would be safe to say that USDJPY could rise towards 105.20 & 105.70 while it sustains above 103.90.

Prepared by
Technical Analysis Team

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