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FxWirePro:USD/JPY trade idea

  • Demand zone – 108.65-109.15.
     
  • Major resistance – 109.45 (trend line joining 109.86 and 109.48, 38.2% retracement of 111.58 and 108.13).
     
  • USD/JPY has shown a jump for past two days after forming a bottom at 108.13. The pair made a high of 109.48 and slightly declined from that level. It is currently trading around 109.12.
     
  • Any break above 109.45 will take the pair till 109.86 (50% retracement of 111.58 and  108.13)/110.95 (23.6% retracement of 115.51 and 108.13).
     
  • On the lower side, minor support is around 108.72 and any break below will drag the pair till 108/107.30 (161.8% retracement of 109.48 and 108.13).

    It is good to buy above 109.45 with SL around 109 for the TP of 110/110.95

Resistance                                                                               

R1-109.45              

R2 -109.85

R3- 110.95

Support                   

S1-108.72

S2-108

S3-106.99

 

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