7:25 AM (EST) Update
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|