USD/JPY | US Dollar to Japanese Yen Trading Analysis
The USD/JPY trades at 105.99 and keeps moving within the falling and descending channels. USD/JPY is moving below the lower boundary of Ichimoku Kinko Hyo Cloud. This indicates that the USD/JPY is in a bearish trend. Within the Forex forecast of USD/JPY for May 7, 2020 the correction and upper boundary test of Ichimoku Kinko Hyo indicator clouds near the level of 106.65 are expected to develop.
USD/JPY, 30 min
Pivot: 106.19
Analysis:
Provided that the currency pair is traded above 106.00, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 106.19
Take Profit 1: 106.40
Take Profit 2: 106.65
Alternative scenario:
In case of breakdown of the level 106.00, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 106.00
Take Profit 1: 105.76
Take Profit 2: 105.60
Comment:
Technically RSI shows the possibility of an upward trend during the day.
Key levels:
Resistance
Support
106.85
106.00
106.65
105.75
106.40
105.60
USD/JPY, D1
Pivot: 106.26
Analysis:
While the price is below 109.35, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 106.26
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: 111.00
Take Profit 2: 112.20
Comment:
RSI shows a medium-term downward 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:
EUR/USD – sell below 1.0820 with 1.0780 and 1.0760 as Take Profit targets. Alternative scenario - if the level of 1.0820 is broken-out, you should consider buying with the targets 1.0840 and 1.0860 as Take Profit. GBP/USD - short positions below 1.2365 with 1.2290 and 1.2265 targets as Take Profit. Alternative scenario - if the level of 1.2365 is broken-out, buy with the targets 1.2395 and 1.2425 as Take Profit. USD/CAD - buy above 1.4110 with 1.4175 and 1.4200 targets as Take Profit. Alternative scenario - if the level 1.4110 is broken-down, sell with the TP 1.4090 and 1.4070.
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