USDJPY: Recovers, Eyes More Strength
USDJPY: With USDJPY bouncing off lower level prices to strengthen on Tuesday, it now faces further upside pressure. However, the pair will have to break and hold above the 118.86 level to prevent a return to the downside. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level. Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term
Pleae note that this daily bite is only one potential trade we picked from many. The total P&L shows our overall trading on clients account.
Yesterdays P/L: 0.12%
Total Feb: 1.55%
USDJPY - Intraday - We look to Sell at 119.06 (stop at 119.36) Price action has posted a bullish Outside Day and is positive for short-term sentiment. A Fibonacci confluence area is located at 119.35. Downward pressure has continued overnight and the previous support area of 118.86 - 118.80 is now under pressure. A bearish Head and Shoulders is forming. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 119.06, resulting in improved risk/reward. Our profit targets will be 118.69 and 118.37 Resistance: 119.06 / 119.41 / 119.66 Support: 118.88 / 118.69 / 118.37 -