USDJPY currently is testing intraday resistance area at 113.617-113.901. I plan to go short if I can get clear bearish signal within the resistance area, with 113.441 as target and 113.157 in extension.
However, note that 20 MA has crossed above 50 MA on hourly chart. Therefore, I assume that today’s bearish bias is not too strong. Be careful if the market managed to break the resistance 113.901 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 114.077-114.361.
Plan: Sell within 113.617-113.901; target at 113.441 or 113.157
USDJPY Chart:
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2 thoughts on “USDJPY is Testing Resistance, Possibly Will Go Down”
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Nice call Eko and although I only trade USD when Yellen speaks, your USD trades are great.
Thank you, Maryna.