USD/JPY Potential bearish to 113.
1. The previous bullish trend was broken at 117.335
2. Then bounced up to retest the previous high at 117.600
3. First support which is currently R1 was broken at 117.000
4. S1 was tested and it seems to come back again to the same level or breakthrough and continue downward to 114/113 green highlighted price range.
Waiting for this downtrend to reach S1 is ideal weather it continues downward or bounces long.
2. Then bounced up to retest the previous high at 117.600
3. First support which is currently R1 was broken at 117.000
4. S1 was tested and it seems to come back again to the same level or breakthrough and continue downward to 114/113 green highlighted price range.
Waiting for this downtrend to reach S1 is ideal weather it continues downward or bounces long.
Trade active:
Price might test 117.100 today prior/during trump speech. A potential bounce from this level back to 115.000 is expected.
Recommendation:
Stay flat if you are a conservative trader.
You can go long from current prices 116.180 with TP@ 116.750 and SL@ 115.790
Recommendation:
Stay flat if you are a conservative trader.
You can go long from current prices 116.180 with TP@ 116.750 and SL@ 115.790