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FxWirePro: USD/JPY Trade Idea

Thursday, March 15, 2018 6:01 AM UTC

FxWirePro Currency Strength Index for USD/JPY: Bias Bearish

FxWirePro's Hourly USD Spot Index was at -93.9176 (Bearish)

FxWirePro's Hourly JPY Spot Index was at 145.18 (Bullish)

Technical Analysis: Bias Bearish

- Price action capped below 21-EMA which is stiff resistance at 106.81

- RSI below 50 levels and biased lower

- Stochs are biased lower, momentum bearish

- -ve DMI dominance and MACD well below zero levels

Support levels - 105.25 (Mar 2 low), 105 (major trendline), 104, 103.04 (78.6% Fib)

Resistance levels - 106.41 (5-DMA), 106.81 (21-EMA), 107

Recommendation: Good to go short on rallies around 106/ 106.10, SL: 106.60, TP: 105.55/ 105.25/ 105.

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FxWirePro: USD/JPY Trade Idea

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