USD/JPY: upside is limited

USD/JPY: upside is limited

2021-06-01 • Updated

On the H1, USD/JPY is recovering after the selloff that took place during the previous three days. The pair formed a higher low and may test resistance between 109.66 (38.2% Fibo, weekly MAs) and 109.78 (resistance line from January highs, 50% Fibo). However, concerns about the Chinese coronavirus will likely prevent the USD from getting over that resistance in the upcoming sessions, so we’ll consider the pair’s recovery as an opportunity to sell at higher levels.

Trade idea

SELL 109.70; TP 109.40; SL 109.85

USDJPYH1.png

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