USD/JPY Daily: Testing Ichimoku Cloud’s Lower Level
Suggested positioning: None
Technical Analysis: The pair continues to range inside a symmetrical triangle and is testing the lower band of Ichimoku cloud for the second day, this time with a bearish sentiment. The RSI remains around the neutrality area. A break below Ichimoku’s lower level at 119 could bring further drops towards 118.50.
Alternative Scenario: Above 119.75 look for further upside towards 120.27.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 118.50 | 119 | 119.75 |
| 118.30 | 119.30 | 120.27 |
