YEN was weak all day yesterday.
Many Yen cross pairs including USDJPY have reached to Reversal Pivots (such as WR2, MR2).
Also today is Friday… thus it is a bit hard to build the trade plan with Yen.
It may be better off to trade non-Yen pairs.
However… if you insist, here it is…
On Daily chart, the price touched MR2 and dropped. I think the price will come down to Daily 21 EMA.
Here are sell zones.
Let’s take a Fibonacci of Yesterday’s HIGH and LOW.
- Sell Zone 1
122.90 – 123.0 (WPP, DPP, Fib38.2%, Role-Reversal Resistance)
- Sell Zone 2
123.25 ish (Fib 61.8%, Resistance)
The target should be 122.50 ish where Daily 21EMA will be.
Hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo