USDJPY to Test Support Zone
Updated
1. Price is heading down to support zone between 107.42 & 107.31.
2. Price expected to bounce off this support zone and heading to resistance zone of 108.095.
2. Price expected to bounce off this support zone and heading to resistance zone of 108.095.
Note
1. Price bounced off support zone successfully.2. Price pulled back currently after bouncing off support, short term retracement.
Trade closed: stop reached
Stop reached at 107.620 due to volatility during FOMC member speaks and Fed's Powell says economic forecasts filled with uncertainty.Note
Price is consolidating & moving sideways between 107.766 & 107.619.Consumer confidence and new home sales are scheduled for release on Friday. Home sales should be subdued, but a nice uptick in confidence for May could drive USD/JPY above 108.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.