fxplan

USDJPY: SELL ON PULLBACK.

USDJPY: has closed below the 116.00 key support, confirming a reversal pattern.

  • Current trend: The bias is bearish in nearest term testing 114.00 before targeting 112.50 area. Immediate resistance is seen around 116.00. Any upside pullback should be seen as a good opportunity to sell, the measured target for the head and shoulders pattern comes in at 106-107. 
  • Support and resistance:
    S1#114.00 , S2#112.50, S3#109.70
    R1#116.00 , R2#116.50 , R3#119.50
  • Trading tips: Wait for a retest of the 116 as new resistance. Any rejection from this area could offer a favorable opportunity to get short.
  • Strategy: Sell on pullback @116, SL @116.50, TP @112.50/107.00

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