USDJPY moving through cloud support
Updated
USDJPY - Weekly Outlook
Selling rallies in front of 148.00 (stop at 150.00)
3 consecutive negative days have been noted after price action broke through top-line support of the Ichimoku cloud. Momentum remains strong and further downside is expected. The 61.8% Fibonacci retracement level is at 142.80. As we are trading at oversold extremes, a higher correction is possible and this would provide a good risk/reward opportunity to trade with the bearish trend. The bias is still for lower levels and we look for any rallies to be limited.
Our profit target is 145.00 & 142.80
Resistance: 148.00 / 150.00 / 151.80
Support: 145.00 / 142.80 / 140.00
Selling rallies in front of 148.00 (stop at 150.00)
3 consecutive negative days have been noted after price action broke through top-line support of the Ichimoku cloud. Momentum remains strong and further downside is expected. The 61.8% Fibonacci retracement level is at 142.80. As we are trading at oversold extremes, a higher correction is possible and this would provide a good risk/reward opportunity to trade with the bearish trend. The bias is still for lower levels and we look for any rallies to be limited.
Our profit target is 145.00 & 142.80
Resistance: 148.00 / 150.00 / 151.80
Support: 145.00 / 142.80 / 140.00
Trade active
Traded close to the stop but still live and have now cleared the 148.00 and challenging moderate support at 147.33
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