The four-hour and the daily chart shows the price falling below the signal level of 105.80 (September 9 low), all indicators are directed downward, the price is heading towards the specified target support level 105.20$. We are waiting for Fed meeting on Wednesday, as we expecting Fed will not do any firework and help the dollar to do some correction upside.
My Opinion: #DYOR
USD/JPY moves sideways inside of a symmetrical triangle, a valid breakout from this pattern will bring a great trading opportunity. The quote may register a strong move after escaping from this pattern. Before choosing the direction, we have to wait for confirmation. An upside breakout followed by a jump above 106.73 suggests buying, while a downside breakout followed a drop below 105.10 suggests selling. USD/JPY Trading Tips Buy from above 106.73 with a potential target at 108.09. The Stop Loss could be placed somewhere below the 105.80 level. Sell after a drop below 105.10 level with a downside target at 104.31 level. You can place your Stop Loss order above 106.45.
Unfortunately, the yen did not follow the rising stock market on Monday. The US S&P 500 Index gained 1.27%, but the USD/JPY pair fell 40 points. The Japanese Nikkei 225 is losing 0.61% this morning.
🛑SUPPORT/RESISTANCE
✅S1= 105.30
✅S2=104.65
✴️R1=106.10
✴️R2=106.90
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My Opinion: #DYOR
USD/JPY moves sideways inside of a symmetrical triangle, a valid breakout from this pattern will bring a great trading opportunity. The quote may register a strong move after escaping from this pattern. Before choosing the direction, we have to wait for confirmation. An upside breakout followed by a jump above 106.73 suggests buying, while a downside breakout followed a drop below 105.10 suggests selling. USD/JPY Trading Tips Buy from above 106.73 with a potential target at 108.09. The Stop Loss could be placed somewhere below the 105.80 level. Sell after a drop below 105.10 level with a downside target at 104.31 level. You can place your Stop Loss order above 106.45.
Unfortunately, the yen did not follow the rising stock market on Monday. The US S&P 500 Index gained 1.27%, but the USD/JPY pair fell 40 points. The Japanese Nikkei 225 is losing 0.61% this morning.
🛑SUPPORT/RESISTANCE
✅S1= 105.30
✅S2=104.65
✴️R1=106.10
✴️R2=106.90
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.