Potential shorting opportunities on the USD/JPY, as we write...
USD/JPY:
USD/JPY bulls went on the offensive Thursday, up 0.27% on the day. Bolstered by US-China trade optimism along with the greenback receiving a lift from post-ECB selling, the H4 candles shook hands with a rather interesting area of resistance at 113.85/113.64 into the close.
Shaded in green we have a zone composed of the underside of a weekly supply at 113.85, a H4 resistance level at 113.70, December’s opening level at 113.64 and a H4 AB=CD 127.2% bearish completion at 113.67. This, as you can already see, is proving troublesome for buyers, and is, therefore, an area worthy of interest today for possible shorting opportunities.
Areas of consideration:
With stop-loss orders positioned above 113.85, a sell from current price is an option, targeting 113.27 as the initial target: the 61.8% Fibonacci support value derived from legs A-D of the H4 AB=CD pattern.
Today’s data points: US Core Retail Sales m/m; US Retail Sales m/m.
USD/JPY bulls went on the offensive Thursday, up 0.27% on the day. Bolstered by US-China trade optimism along with the greenback receiving a lift from post-ECB selling, the H4 candles shook hands with a rather interesting area of resistance at 113.85/113.64 into the close.
Shaded in green we have a zone composed of the underside of a weekly supply at 113.85, a H4 resistance level at 113.70, December’s opening level at 113.64 and a H4 AB=CD 127.2% bearish completion at 113.67. This, as you can already see, is proving troublesome for buyers, and is, therefore, an area worthy of interest today for possible shorting opportunities.
Areas of consideration:
With stop-loss orders positioned above 113.85, a sell from current price is an option, targeting 113.27 as the initial target: the 61.8% Fibonacci support value derived from legs A-D of the H4 AB=CD pattern.
Today’s data points: US Core Retail Sales m/m; US Retail Sales m/m.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.