Chart says USDJPY retracement is over, sellers returning
USDJPY has been rallying/recovering since the low on May 3, and formed a "rising wedge", as shown on the daily chart below. This was "resolved" yesterday with a downside break that says the sellers are now back in charge. Support at 109.10 is now under fire.
Management and risk description
Move stop to entry once the trade is 50 ticks onside.
Entry: Sell at market (currently 108.95) and/or a rally to 109.30
Stop: Above 109.66
Targets: 107.80 on half, 105.60 on the balance.
Time horizon: 1-2 weeks
USDJPY weekly chart
— Edited by John Acher
Non-independent investment research disclaimer applies. Read more