The volatility of the oil price these days questions the previously taken uptrend. Or does it not?
USDJPY is in a correction after checking the local support level.
Information is not investment advice
On the H4 chart of USDJPY, the US dollar started the day checking the support level of 108.58, which was formed yesterday. After dropping to this mark, the price bounced back up but did not reach the local resistance. The Parabolic SAR indicates that this is most probably a temporary correction within a larger trend down. Therefore, the bears may open shorts before the price aims to test again the support of 108.58. If it is broken, the next target may be located at 108.33. The bulls may place the resistance levels at 108.67, 109.00 and 109.10.
AUD/JPY finds itself at the crossroads of several trends - we will use various time frames to foresee the possible scenarios.
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