USD/JPY Daily: Broke above Ichimoku Cloud’s but remains within rising wedge
Forex Trading Idea: Above Ichimoku look for more upside towards 120.70
Technical Analysis: The dollar – Yen pair continues to range inside a rising Wedge With Golden Week holidays in Japan, the pair’s moves will primarily be driven by Ms. USA which has been showing strengths beginning of this week, but the market sentiment may not be enough to get the pair out of the rising wedge.
So for a longer term trading idea you gotta wait for a breakout.
Alternative Scenario: Below 119.50 look for drops towards 118.50
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 118.50 | 119.50 | 120.70 |
| 116.90 | 118.50 | 121.50 |
