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FxWirePro: USD/JPY trade idea

Monday, April 24, 2017 11:25 AM UTC

USD/JPY shown a gap up today morning after first round of French election result. The pair jumped till 110.51 and is currently trading around 110.12.
The pair upside is capped by daily Kijun-Sen (110.81) and any break above will take the USD/JPY till 111.48 (100 –day EMA)/112.

Short term bullish invalidation only below 108 and any break below will drag the pair down till 106.35 (61.8% retracement of 98.78 and 118.66)/105.
The momentum indicators like MACD and RSI is showing buy signal in the daily chart.

It is good to buy on dips around 109.95-110 with SL around 109 for the TP of 112.

Resistance

R1-110.81

R2 -111.48.

R3- 112

Support

S1-108.72

S2-108

S3-106.99

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FxWirePro: USD/JPY trade idea

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