USD/JPY: intraday trading

USD/JPY: intraday trading

Trade ideas

BUY 111.00; TP1 111.30; TP2 111.55; SL 110.90

SELL 110.55; TP1 110.30; TP2 110.10; SL 110.65

Volatility has greatly diminished in USD/JPY. The pair is consolidating in a narrow range on H4, and a breakout is coming. The US economic data due later today may act as a trigger. The overall trend is to the upside, but the pair is trading in the middle of the bigger range and may correct to the downside. As a result, both scenarios have almost equal probability.

Notice that on the upside, resistance is provided by the 200-day MA (111.30) and 110-day MA (111.55), while the 50-day MA acts as support (110.10).

USDJPY.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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