USD/JPY may test lower levels

USD/JPY may test lower levels

Trade idea

SELL at 108.00; TP 107.25; SL 108.20

USD/JPY had a volatile time so far. The pair has strong support at 107.20 (support line connecting 2016 and 2018 lows). There might be buyers in this area. However, before it turns up, the pair is vulnerable for another test of this area.

USDJPYWeekly.png

The pair slid back below the Fibonacci level. Moving averages on H4 are in the negative order and 50-day MA is about to go below 100-day MA on D1. Notice that this trade looks risky as we are close to major support, so be careful and manage your risks.

USDJPYH4.png

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