USD/JPY is very bullish the last 7 weeks and this week, it pulled back a little bit from 121.84 to 117.4 affected by the selling pressure in the stock market, however this move reversed the last few hours to 119.45. This is a sign that we are gonna walk slowly over the next few days as a rest for this pair before continuing the uptrend or reverse it. We will play the smart game and hunt some quick pips. No long term positions are required at this stage too. The USD/JPY has the following major resistance and support levels:
- RESISTANCE: 121.88
- SUPPORT: 109
- Sell at: 120.05 – Take Profit 119 (100 pips profits)
- Buy at: 121.90 – Take Profit 122.40 (50 pips profits)
- Buy at: 117.50 – Take Profit 118 (50 pips profits)
QUICK HINT: USD/JPY is trying to have some rest in this zone. We can go either ways (up to 125 or down to 115). From this area, I can taste the bearish flavor. Take care!
This signal is valid on: 12th, December 2014