Today’s Forex Guide

USD/JPY Formed a Spinning Top Above Pivot Level


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

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