European stocks traded slightly lower on Friday afternoon
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
USD/JPY: target for selling
Information is not investment advice
The US dollar looks vulnerable versus the Japanese yen. As you can see, the resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down. The pair formed a lower high and is already testing levels below 106.00. On the H4, the support line is at 105.75. The decline below it will open the way down to 105.30 (August support area). This bearish scenario is in line with the negative expectations traders have ahead of the FOMC meeting on Wednesday.
Trade idea for USD/JPY
SELL 105.70; TP 105.30; SL 105.85
Elizabeth Belugina
Similar
Global PMIs will be released today
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
Coronavirus cases surge in Europe
USD/JPY is moving sideways between the pivot point at 105.708 and the resistance level at 106.26
Popular
Is gold changing a long-term direction?
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
Cable Extends Fall to Fresh Two-Month Low
UK's Raab supports that virus restrictions are serious, proportionate
USD/JPY Tries to Stay Below the 100-hour MA
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Choose your payment system
