BluetonaFX - USDJPY Further Pressure Mounting
Hi Traders!
There is further downside potential on the USDJPY 4H chart. The current monthly low at 141.152 looks to be the next likely target for a possible re-test of the level.
Price Action 📊
The price action looks bearish, the market swings are getting lower, and the market has been below the 20 EMA for the past week. As long as the market remains below the 20 EMA, our plan is to sell rallies to target exits near 147.152.
Fundamental Analysis 📰
Today we have six FOMC members speaking, and traders will be keeping an eye on their comments regarding inflation and interest rates. Other important market events this week that could increase the volatility in the US dollar are likely to be the ISM data and the Federal Reserve's preferred gauge of inflation, the Core PCE data. We will also have US GDP later in the week, and to round off the week, Fed Chair Powell will be speaking.
Support 📉
147.968: WEEKLY LOW
147.152: MONTHLY LOW
Resistance 📈
148.832: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is further downside potential on the USDJPY 4H chart. The current monthly low at 141.152 looks to be the next likely target for a possible re-test of the level.
Price Action 📊
The price action looks bearish, the market swings are getting lower, and the market has been below the 20 EMA for the past week. As long as the market remains below the 20 EMA, our plan is to sell rallies to target exits near 147.152.
Fundamental Analysis 📰
Today we have six FOMC members speaking, and traders will be keeping an eye on their comments regarding inflation and interest rates. Other important market events this week that could increase the volatility in the US dollar are likely to be the ISM data and the Federal Reserve's preferred gauge of inflation, the Core PCE data. We will also have US GDP later in the week, and to round off the week, Fed Chair Powell will be speaking.
Support 📉
147.968: WEEKLY LOW
147.152: MONTHLY LOW
Resistance 📈
148.832: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Trade closed: target reached:
Monthly Low Broken
