USD/JPY Daily: Testing Ichimoku Cloud’s Lower Level
Suggested positioning: None
Technical Analysis: The pair continues to range inside a symmetrical triangle and is testing the lower band of Ichimoku cloud for the second day, this time with a bearish sentiment. The RSI remains around the neutrality area. A break below Ichimoku’s lower level at 119 could bring further drops towards 118.50.
Alternative Scenario: Above 119.75 look for further upside towards 120.27.
Where to set your stops and limits:
Support Levels | Turning Point | Resistance Levels |
---|---|---|
118.50 | 119 | 119.75 |
118.30 | 119.30 | 120.27 |
![](https://investdiva.com/wp-content/uploads/2024/07/195507433_277762383857508_5258379056395561164_n.jpg)
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