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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