Intraday players will be closely eying the 1:1 resistance level at 122.950 as they look to push for large stops sitting below the 122.400 low.
USD/JPY bears are looking to push for stops below the 122.400 low (Yellow). There is a very important 1:1 (Pink) and 50 Fibonacci support level that coincide at 122.080, this level should offer some initial support for the bulls. However, any break below the 1:1 (Pink) will likely see the selling pressure continue to pick up on the downside.
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Intraday players will look to sell into any bounce of the double bottom with a tight stop, as they look to target the stops below 122.400.
The best risk reward trade in my opinion will be to sell into the 1:1 (Purple) and 38.2 Fibonacci resistances that come together at 122.950 with a tight stop above 123.150. however, any break above the 1:1 (Purple) will see some short covering take place with a double bottom likely in place for now.