USD/JPY is testing support
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Trade ideas
SELL 110.75; TP 110.30; SL 110.95
BUY 111.60; TP 112.20; SL 111.40
USD/JPY made a big break down last week and fell until it got supported by 100-week MA at 111.00. The new week started with a bearish gap and the pair opened below this support. As a result, it may test 50-week MA and the lower weekly Bollinger band at 110.30.
A decline below 38.2% Fibo and last week’s low at 110.78 is needed to confirm the near-term downside.
On the upside, a recovery above 111.60 is needed to open the way up for a correction to 112.20.