Today’s Forex Guide

USD/JPY: Heading Up, Unable to Break Below Pivot


9:00 AM (EST) Update

USD/JPY 4 Hour
USD/JPY 4 Hour: Heading Up, Unable to Break Above Pivot Level

Suggested positioning: Long positions above 118 target 119.25

Technical reasons why: The pair formed a spinning top candlestick pattern above the pivot level at 118 after a period of down moves, followed by a strong bullish sentiment ahead of the New York market open. The RSI is heading up towards the neutrality area

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
118.50 118 119.25
118.25 119.75

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