Trade Now

USD/JPY: Day traders closely watching resistance at 122.950

Intraday players will be closely eying the 1:1 resistance level at 122.950 as they look to push for large stops

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.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Suggested articles

Forex Trading Disruptor Sees Growth Thanks to Offshore Regulated StatusGo to article >>

UJD
USDJPY Daily / Chart source MT4

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.

USDJPY M5 / Chart source MT4
USDJPY M5 / Chart source MT4

 

Got a news tip? Let Us Know