USD/JPY Daily: Moves back inside the thinning Ichimoku Cloud’s and inside an extended Triangle
Forex Trading Idea: Short term small range trades with resistance at 120.27 and support at 119.
Technical Analysis: The dollar – Yen pair continues to range inside a triangle with substantially lower volatility as the pair approaches the end of the triangle, which could be a sign of a massive breakout. With few economic data out of Japan, the pair’s movements is mostly driven by Ms. USA which has been showing strengths beginning of this week.
So for a longer term trading idea you gotta wait for a breakout.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 118.50 | 119.30 | 120.27 |
| 119 | 118.75 | 120.77 |
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