USD/JPY tests below pivot level

USD/JPY tests below pivot level

12:30 PM (EST) Update

USD/JPY Daily: Testing Pivot Level & Ichimoku Cloud

Suggested positioning: Short positions below 119.75 with target set at 119.25

Technical reasons why: The pair formed a spinning top candlestick pattern above our turning point of 119.74, followed by a strong bearish candlestick testing the level. The RSI is head down towards the neutrality area and we could see more short-term downside coming up.

Alternative Scenario: Above 120.30 look for further upside towards 121.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
119.25 119.75 121
118.50 120.30