USDJPY Forecast And Technical Overview
We do not have a strong data flow today.
On the US side, Initial Jobless Claims and Philadelphia Fed Manufacturing Index will be released.
On the Daily Chart, the pair is holding well above EMA 50 and 100. 113.280 MM -1/8 is the first resistance.
As seen on the Daily Chart, a Bearish Gartley formation is giving the signals of a minor correction.
On the H4 Chart, the price is above all major EMAs and the pair is trading in the upper Bollinger Bands. RSI gives bearish divergence signal.
Yesterday we have entered a short trade targeting 112.700 and 112.500. We have reached the first target. USDJPY is trading 112.750 as of writing.
112.500 is the support for intraday traders. If the price breaks below 112.500, 112.100 will be the next level which USDJPY Bears would like to test.
On the upside, 112.900 and 113.280 are the key levels to watch.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
USDJPY Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility