USD/JPY: two days changed a lot

USD/JPY: two days changed a lot

Trade ideas

SELL 106.90; TP 106.30; SL 107.10

BUY 107.85; TP 108.40; SL 107.70

Earlier this week, we used to be impressed by the steady bullish progress of USD/JPY. However, the trade we were thinking of, wasn’t triggered: the USD got hit by bad data and sharply declined. You can read here how this release has changed the fundamentals for the greenback. America will release more economic figures on Thursday and Friday, and USD/JPY should be one of the most active movers on the news. Let’s reconsider the technical levels for trading this pair.

Formation of the second high just below 108.50 brings back the downtrend within which USD/JPY has been trading since April. A break below the 50-day MA at 107.00 will confirm a “double top” and lead the price down to 106.30/00 and potentially even lower. Many short-term term indicators have switched to the bearish mode. USD/JPY needs to rise above 107.85 (100-day MA, 100-period MA on H4) to gain an ability to reach 108.50 once again.   

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Similar

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USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.

Latest news

EUR/CHF looks ill

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

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