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|