In this article, I will be looking at some key levels on USDJPY pair.
USDJPY price has been trading roughly between 107.90 and 109.80 for since November 2019. Currently price is approaching the top of this range. We are preparing for a break of the resistance above with a potential target near 110.50.
However if price failed to break out and dropped below the 200MA, we will look for a potential reversal trade with possible price retesting previous low near 107.90 and further beyond.
Gordon @GoreStreetForex
Trade active
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We can see Price has broker resistance on 13 Jan 2020 with a fairly strong bullish candle. We took the opportunity to take a Long position and the price is now approaching our first target price near 110.50