USD/JPY 4 Hour: Broke Below Pivot Level of 119.30
Suggested positioning: Short positions below 119.30 with target at 118.53
Technical reasons why: The pair broke below a turning point of 119.30 with a bearish sentiment attacking the market after formation of a spinning top candlestick pattern. Remaining below the Ichimoku cloud, we could see further drops with targets at 118.53 and 118.33 in extension.
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 |
---|---|---|
118.53 | 119.30 | 120.27 |
118.33 | 119.75 | 120.50 |
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