USD/JPY Daily: Testing Ichimoku Cloud’s Lower Level
Forex Trading Idea: Above 119.30 look for more upside towards 119.75
Technical Analysis: The dollar – Yen pair continues to range inside a symmetrical triangle . Facing a very volatile day on Thursday after Japan’s holiday, the pair tested below the lower band of Ichimoku cloud closing our position at 118.50, but shooting back up all the way near the 120 level before pulling back again.
However the pair’s dance moves still remains nicely within the triangle so for a longer term trading idea you gotta wait for a breakout.
Alternative Scenario: Below 119 look for drops towards 118.30
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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