Summary:
- Price broke the growth trend line
- USDJPY bounced from the resistance area of 109.30
Recommendation:
Trade: Short position on USDJPY at market price
- Take profit1: 106.9
- Take profit2: 105.9
- Stop loss: 109.9
Justification:
Looking at the USDJPY in the D1 interval, we can see that the growth momentum has clearly slowed down recently. Buyers tried to stop the declines at the rising trend line on May 19, but yesterday's trading negated the potential bullish signal. From a technical point of view, the basic scenario so far is an extension of the correction to the downside. We recommend entering a nice position on USDJPY at the market price with two targets: 106.9 and 105.9. We also recommend placing a stop loss order at 109.9.
Source: xStation5
Trade closed: stop reached:
Stop loss: 109.9