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 |
