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

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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