Today’s Forex Guide

USD/JPY Testing Lower Ichimoku Band After Poor Japan Retail Sales


7:25 AM (EST) Update

USD/JPY Daily: Testing Ichimoku Cloud's Lower Level

Suggested positioning: None

Technical Analysis: The pair continues to range inside a symmetrical triangle and is testing the lower band of Ichimoku cloud for the second day, this time with a bearish sentiment. The RSI remains around the neutrality area. A break below Ichimoku's lower level at 119 could bring further drops towards 118.50.

Alternative Scenario: Above 119.75 look for further upside towards 120.27.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
118.50 119 119.75
118.30 119.30 120.27

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