USD/JPY: the resistance to hold the price to make it bearish
|USD/JPY made a bullish move to start its trading day. The price already had a rejection at yesterday’s highest high. It has been heading towards the level again. If the level holds the price as resistance again and produces an H1 bearish reversal candle, the price may head towards the South with good bearish momentum by offering a short entry to the sellers.
Trade Summary
Entry: Below 119.100
Stop Loss: Above 109.200
Take Profit 1: 108.983
Take Profit 2: 108.918
Take Profit 3: 108.843
Please Note: A bearish engulfing candle at the resistance would be the best option as the reversal candle. The breakout candle is to be a bearish Marubozu candle closing well below the support. The price may take some time to hit Take Profit 3.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.