USD/JPY: At key level, break above 112.89 or below 112 will give us a signal for trade

18.07.2017 / 10:05

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USD/JPY: Our expectation: The trades between two key levels at support and resistance, which will lead to break of one of the two levels: above 112.89 or below 112.00. When the prices passes below or above one of these levels will give us a signal for position in that direction. The indicators are showing us higher probability for short move, which means that break below the key support of 112.00 but we have to see a closed bar below that level first.

Alternative scenario: If the price passes above 112.89 will give us a signal for buy and if we have a short position open, we will have to rethink the direction

Comment: Possible double top at 114.39.

Break of the inside bar below 112.29, but the bar is still open. If the bar closes above 112.29 we might see fake break for long.

CCI(50) moves below 100 as the previous high at these price levels - potential for lower move down

RSI passes below 50

The price is still above 50 ЕМА, sell only after closed bar below it.

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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USD/JPY: At key level, break above 112.89 or below 112 will give us a signal for trade

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