USD/JPY is testing support

USD/JPY is testing support

Trade ideas

SELL 110.75; TP 110.30; SL 110.95

BUY 111.60; TP 112.20; SL 111.40

USD/JPY made a big break down last week and fell until it got supported by 100-week MA at 111.00. The new week started with a bearish gap and the pair opened below this support. As a result, it may test 50-week MA and the lower weekly Bollinger band at 110.30.

USDJPYWeekly.png

A decline below 38.2% Fibo and last week’s low at 110.78 is needed to confirm the near-term downside.

On the upside, a recovery above 111.60 is needed to open the way up for a correction to 112.20.

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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