USDJPY likely to rise towards 105.00

09 December 2020

USDJPY has been trading in small body candlestick formations since the last few trading sessions after it found support near 103.70 levels, which is its strong support zone signifying a rebound in the offing. On the weekly charts as well dollar yen has been trading in small body candlestick formations suggesting the down trend to have likely ended and a support for the pair below current levels. The currency pair could rise towards 104.80 and 105.00 while it sustains above 103.80.

Prepared by
Technical Analysis Team

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