USD/JPY Possible Buy

USDJPY has been consolidating since the 11 of June, between the 106.600 and 107.500 levels which seems to be a supply zone for the pair.

A significant candle-body close above 107.500 could signal a new upwards momentum and validate the double-bottom that seems to be forming on the 4 HR chart.

We will look for CSI on the 4 HR (and lower) chart around the 107.500 price and, if present, we would look at buy orders at market price.

The upwards move is met by immediate resistance at 107.800 and further at 108.300 (50% Fibonacci retracement of previous down-leg.)

Should we not receive any CSI around the 107.500 mark or should price break 106.600 (to the downside) we will consider the trade void.

Key Support level (Stop-loss): 106.600

Entry: 107.500

Key Resistance Level (take-Profit): 108.300

USDJPY

This content is for information purposes only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe for or purchase any particular investment. Opinions expressed in this document may be changed without notice at any time after publication. We therefore disclaim any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon the information. Charts and graphs are provided for illustrative purposes only.

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