2:00 PM (EST) Update
USD/JPY Daily: Formed a Spinning Top Above Pivot Level
Suggested positioning: No Positions Wait for Confirmation
Technical reasons why: The pair formed a spinning top candlestick pattern above the pivot level at 118 after continuous bearish moves for over a week. Should this be a temporary rebound or a long term trend change should be decided by a confirmation below the Ichimoku cloud and the pivot level
Alternative Scenario: Above pivot level of 119.75 look for an alternate position with 120.27 as first target
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 118.43 | 119.30 | 120 |
| 116.33 | 119.75 | 121.50 |
