The value of the US dollar strengthened in aggressive fashion against the Japanese yen yesterday, despite US consumer confidence coming in lower than expected. As can be seen from the H4 chart, the day ended with price closing above the 111 handle. Should the bulls remain in the driving seat here, there’s a good chance that the pair will strike April’s opening level at 111.41/Quasimodo resistance at 111.45.
Our suggestions: To make a long story short, our desk has placed a pending sell order at 111.41 with a stop set at 111.60 (above the H4 Quasimodo apex). Our rationale behind this simply comes from seeing the two H4 levels positioned around not only a weekly resistance area at 111.44-110.10, but also a daily resistance area coming in at 111.35-112.37.
The first take-profit target is set at 111, and upon a decisive close seen beyond this number, we’ll be looking to initiate a trailing stop.
Data points to consider: No high-impacting economic events.
Our suggestions: To make a long story short, our desk has placed a pending sell order at 111.41 with a stop set at 111.60 (above the H4 Quasimodo apex). Our rationale behind this simply comes from seeing the two H4 levels positioned around not only a weekly resistance area at 111.44-110.10, but also a daily resistance area coming in at 111.35-112.37.
The first take-profit target is set at 111, and upon a decisive close seen beyond this number, we’ll be looking to initiate a trailing stop.
Data points to consider: No high-impacting economic events.
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