USD/JPY | US Dollar to Japanese Yen Trading Analysis
The currency pair is trading at 107.62 and keeps moving within the growth frame. USD/JPY is moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates that there is a bullish trend. The correction is expected to develop.
USD/JPY, 30 min
Pivot: 107.37
Analysis:
Provided that the currency pair is traded below 107.75, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 107.37
Take Profit 1: 107.00
Take Profit 2: 106.75
Alternative scenario:
In case of breakout of the level 107.75, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 107.75
Take Profit 1: 108.00
Take Profit 2: 108.30
Comment:
The nearest trend is still descending and the momentum is strong.
Key levels:
Resistance
Support
108.30
107.00
108.00
106.75
107.75
106.35
USD/JPY, D1
Pivot: 106.83
Analysis:
While the price is below 109.35, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 106.83
Take Profit 1: 105.15
Take Profit 2: 103.10
Alternative scenario:
If the level 109.35 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 109.35
Take Profit 1: 111.20
Take Profit 2: 112.20
Comment:
RSI indicates a continuation of the descending trend.
Key levels:
Resistance
Support
112.20
105.15
111.20
103.10
109.35
101.20
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy below 0.6430 with 0.6500 and 0.6530 as Take Profit targets. Alternative scenario - if the level of 0.6495 is broken-down, you should consider selling with the targets 0.6390 and 0.6375 as Take Profit. GBP/USD - short positions below 1.2340 with 1.2285 and 1.2260 targets as Take Profit. Alternative scenario - if the level of 1.2340 is broken-out, buy with the targets 1.2360 and 1.2380 as Take Profit. EUR/USD - sell below 1.0815 with 1.0785 and 1.0765 targets as Take Profit. Alternative scenario - if the level 1.0815 is broken-out, buy with the TP 1.0835 and 1.0850.
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