USDJPY is currently threading 113 levels but based on its support and resistance zone as well as the ascending channel and the fact that it had multiple rejections in an attempt to go long and re-challenge the 114 resistance zone, it should descend further down into an 112 flat value; however, this may not be the case so by using the concept of Darvas's box, by utilizing 75% of it, the descent should be down to 112.3 only before an uptrend to 114.5 and another attempt to break it.
Entry: 113.XX levels
TP: 112.3 to 112.5
CL: Up to 1% of your port ONLY.
Disclaimer: This is for educational purposes only. I am not a guru nor am I a certified financial analyst.
Entry: 113.XX levels
TP: 112.3 to 112.5
CL: Up to 1% of your port ONLY.
Disclaimer: This is for educational purposes only. I am not a guru nor am I a certified financial analyst.