FxWirePro: Descending Channel And Head & Shoulder Patterns Intensify EUR/USD Downtrend – Trading & Hedging Setup
FxWirePro: USDJPY Daily Outlook
Ichimoku Analysis (4-hour chart)
USDJPY is trading in a tight range between 108.42 and 108.99 for the past two days. The weak US economic data is putting pressure on this pair at higher levels. The ISM manufacturing and services PMI came much weaker than expected. Markets eye US Non-farm payroll for further direction. DXY is in a downtrend for past 1-week and any infringement below will drag the index beneath till 97.20/97. It hits a low of 108.65 and is currently trading around 108.66.
Technically, near term support is around 108.40, any violation below will drag the pair down till 108/107.80. Major bearish continuation only below 107.80
On the higher side, major intraday resistance is at 108.88, the breach above will take the pair to the next level 109.25/109.75/110.
It is good to buy on dips around 108.50-55 with SL around 108.20 for the TP of 109.25.
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