Today’s Forex Guide

Forex USD/JPY: Long positions above 119 targeting 120.70


2:50 PM (EST) Update

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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