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Our target which we predicted yesterday has been hit. USD/JPY is under pressure and is still expected to move downward. Despite the recent rebound, the pair is trading below the key resistance at 110.20, which should maintain the selling pressure. The relative strength index lacks upward momentum.
Hence, as long as 110.20 is not surpassed, look for a return to 109.05 and even to 108.80 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 110.25 with a target at 110.80.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 110.20, Take Profit: 109.05
Resistance levels: 110.50, 110.80, and 111.25
Support Levels: 109.05, 108.80, 108.45
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