USD/JPY Daily: Testing Pivot Level Inside the Ichimoku Cloud
Suggested positioning: Long positions above 119.50 with targets set at 120.70 and 121.60 in extension
Technical reasons why: The pair formed a spinning top candlestick pattern above the support level at 118.50 after and remains within the Ichimoku cloud with a bullish sentiment.The pair generally ranging between 121 and 116 and being squeezed inside an ascending triangle.
Alternative Scenario: Below 118.50 look for further drops with targets set at 118 and 116.900 in extension.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 118 | 119.50 | 120.70 |
| 116.90 | 118.50 | 121.50 |
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