USD/JPY tested support

Information is not investment advice

USD/JPY has returned below the 50-day MA as the market’s risk aversion increased. It seems that the market has formed an interim top. At the same time, the pair has reached a short-term support line from the start of May. The decline below 106.75 (50-day MA on the H4) will open the way down to 106.40. The pair needs to return above 107.05 to be able to target 107.55 once again. Comments of the Fed’s Chair Powell at 16:00 MT time will likely keep the volatility elevated.

Trade idea for USD/JPY

BUY 107.15; TP 107.55; SL 107.00

SELL 106.70; TP 106.40; SL 106.85

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Elizabeth Belugina

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