Today’s Forex Guide

USD/JPY Short positions below 119.30 with target at 118.53


Apr.16.2015

2:30 PM (EST) Update

USD/JPY 4 Hour
USD/JPY 4 Hour: Broke Below Pivot Level of 119.30

Suggested positioning: Short positions below 119.30 with target at 118.53

Technical reasons why: The pair broke below a turning point of 119.30 with a bearish sentiment attacking the market after formation of a spinning top candlestick pattern. Remaining below the Ichimoku cloud, we could see further drops with targets at 118.53 and 118.33 in extension.

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
118.53 119.30 120.27
118.33 119.75 120.50

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