USD/JPY looks vulnerable

USD/JPY looks vulnerable

Trade idea

SELL 107.40; TP1 107.10; TP2 106.70; SL 107.55

USD/JPY formed a candlestick on the W1 that strongly resembles a “shooting star”. This happened right at the resistance of the 50% Fibonacci retracement of the April-August decline at 108.40. The weak risk appetite may contribute to the strength of the JPY and the weakness of USD/JPY. On the D1, the pair slipped below the 100-day MA (107.90) on Friday. The next bearish target below the last week’s low of 107.45 lies at 107.10 (50-day MA) and then at 106.70. 

USDJPY.png

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