USD/JPY can attract sellers
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Trade idea
SELL 111.25; TP 110.40; SL 111.50
SELL 110.20; TP1 109.75; TP2 109.30; SL 110.35
The Federal Reserve sent a dovish message this week. USD/JPY broke below the January-March support line and the picture for the pair turned bearish. So far, the US dollar has managed to get support around 110.40 (50-day MA, 23.6% Fibo). A decline below this level will open the way down to 109.75 and 109.30 (38.2% Fibo). On the upside, selling pressure will increase if USD/JPY returns to the 111.00/111.30 area.
