Hello traders, USD/JPY is trading at 108.73. The pair is trading in resistance and support wedges in an upward channel and can break the support level to start a new down trend, as the long-term trend is down trend. As the price has already touched its support level and gave a small pullback now it is again going towards support. If the price breaks the support level at 108.60, it can start a new down trend and then its targets will be first target at 108.32 and second target at 108. 01 .
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Rishikesh Lilawat
Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.
