It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
USD/JPY: intraday trading
2019-11-11 • Updated
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).
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!