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cyvoonie

USDJPY to Test Support Zone

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
cyvoonie Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis
7
0
trendanalysis chartpattern waveanalysis
1. Price is heading down to support zone between 107.42 & 107.31.

2. Price expected to bounce off this support zone and heading to resistance zone of 108.095.
Comment:
1. Price bounced off support zone successfully.

2. Price pulled back currently after bouncing off support, short term retracement.
Trade closed: stop reached:
Stop reached at 107.620 due to volatility during FOMC member speaks and Fed's Powell says economic forecasts filled with uncertainty.
Comment:
Price is consolidating & moving sideways between 107.766 & 107.619.

Consumer confidence and new home sales are scheduled for release on Friday. Home sales should be subdued, but a nice uptick in confidence for May could drive USD/JPY above 108.

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cyvoonie
USDJPY Bounced Off Support
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