USD/JPY: 132.29 as key downside obstacle

USD/JPY New Downtrend!

The USD/JPY pair extended its downside movement and now is trading at 133.49 at the time of writing. You knew from my previous analysis that the currency pair should approach and reach new lows after dropping below 135.30.

Technically, the downtrend line represents an upside obstacle, as long as it stays below, the USD/JPY pair could drop deeper. The 132.29 former low stands as a downside obstacle.

USD/JPY Trading Conclusion!

Staying below the downtrend line and dropping below 132.29 downside obstacle activates more declines and is seen as a new selling opportunity.

The material has been provided by InstaForex Company - www.instaforex.com

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