USD/JPY Daily: Breaks below Ichimoku Cloud’s . Could this be the beginning of a new downtrend?
Forex Trading Idea: Wait for the confirmation below pivot point at 118.50 before entering a short positions
Fundamental Movers: US retail sales were flat in April, while excluding autos sales rose by 0.1%. Consensus was for 0.2% and 0.5% increases for the headline and the core respectively. Separated data showed import prices dropped by 0.3% in the same month, missing expectations of a 0.3% rise.
Technical Analysis: The dollar – Yen pair continues to range inside a triangle with and opened below the Ichimoku cloud’s lower level for the first time since Jun 2014. This could be a sign of a massive breakout.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 116.90 | 118.50 | 120.70 |
| 112.30 | 119.50 | 121.77 |
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