Trade of the Week USDJPY

Trade of the week – USDJPY testing an important resistance

Our trade of the week is USDJPY. The pair has reached a top of the rising wedge and horizontal resistance 109.110 We are seeing a rejection here on a weekly but we need confirmation. This is leaving both of the options long/short on the table.

On a daily chart, we can see that the pair is testing the 108.430 level for a breakout lower after it is being rejected by the 61.8% Fibo. Based on this you can place a short trade entry with a stop loss above the 108.600 level upon breaking below 108.400 level. Alternatively, you can go long in case of a break above the 109.300 level. ARMAT trading system is indicating a potential 200 pips of profit.

We have used the combination of the top-down trading analysis to get these key levels explained in the charts.

Happy trading! (click on the chart to enlarge it)

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