fxplan

USDJPY: buy on dips

USDJPY: has bounced off 1-year low at 116.00, holds above 8-day EMA. could target 118.55

  • Current trend:
    Short-term: expect pullbacks to 117.50 should be well supported.
    Long-term: stay bearish(below 120.00), break of 116.00 could target 110.00
  • Support and resistance:
    S1# 117.50, S2# 116.00, S3# 115.50
    R1# 118.20, R2# 118.55, R3# 119.50
  • Trading tips:
    Buy on dips, holds above 117.50 could target 119.50
    Sell after the breakdown of the 116.00 with the target at 110.00
  • Strategy: Short-term: buy on dips
    Buy @117.50, SL: @117.00, TP: @118.30 – 118.55

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