FxWirePro
Long

USD/JPY holds support by cloud base, good to buy dips

FX:USDJPY   U.S. Dollar / Japanese Yen
180 0 4
USD is garnering strength ahead of FOMC this week, USD/JPY             better bid despite weakness across Asian stocks and a rather risk-averse sentiment across markets.

Expectations are ripe for a Fed hike, but there is also the possibility of a dovish tone which could be bad news for the greenback.

USD/JPY             had hit session lows at 120.63, but has then pared losses to retake the 121 handle and is currently trading at 121.27.

Strong support is seen by cloud base at 120.66, breaks below could take the pair to 120.22 (61.8% Fib of 118.06 - 123.75 rise).

200 DMA at 121.58 is strong resistance on the upside which could cap upside in the pair, breaks above could see retracements to 122.30 levels.

Daily Stochs show bullish crossover at oversold levels, RSI is also biased higher, scope for further gains.

We find it good to buy dips around 120.90, SL: 120.50, TP1: 121.50, TP2: 122

Resistance Levels:

R1: 121.58 ( 200-DMA             )

R2: 121.86 (Dec 10 highs)

R3: 122.30 (channel base)

Support Levels:

S1: 120.89 (50% Fib of 118.06 - 123.75 rise)

S2: 120.66 (cloud base)

S3: 120.22 (61.8% Fib of 118.06 - 123.75 rise)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out