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Elhadi_Bouazizi
Nov 13, 2019 7:58 PM

Sell USDJPY : strong resistance levels Short

U.S. Dollar/Japanese YenFXCM

Description

On the weekly and daily charts the pair faces strong resistance levels as shown in chart:

  • The trend line from the top 125.85, which started its course in mid-2015.
    The 100 SMA at 109.75 and the 200 SMA at 109.94 level.
    Resistance lines for previous tops and lows between 109.24 and 109.67.
    The 50% Fibonacci retracement level from 114.53 is high at 109.51.
    On the daily chart we can see the formation of a reversal rising wedge pattern.


Sell the pair from current levels with targets 105 and stop loss above 110.
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