#USDJPY Could Bounce of Support #forex
Hello Friends,
It looks like USDJPY is heading for a short term bounce of the main support region highlighted on chart amon 118.50-118.30. The price was rejected today forming a long-legged doji candle at that support.
For the bullish scenario, i would book profits starting at 119.60, followed by 120.40 main next resistance.
If 118.30 breaks, I would anticipate more downside for 116.90.
The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at thefxchannel.com
My Best Regards
Technician
It looks like USDJPY is heading for a short term bounce of the main support region highlighted on chart amon 118.50-118.30. The price was rejected today forming a long-legged doji candle at that support.
For the bullish scenario, i would book profits starting at 119.60, followed by 120.40 main next resistance.
If 118.30 breaks, I would anticipate more downside for 116.90.
The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at thefxchannel.com
My Best Regards
Technician
Note
First target reached. It is ideal to move stop loss to breakeven..
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