USD/JPY is in the ping-pong mood (mood where the pair bounce between two levels). In our case, the USD/JPY has the following major resistance and support levels:
- RESISTANCE: 110.08
- SUPPORT: 108
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (30 pips stop loss applied):
- Sell on a break of 108.10 – Take Profit: 107.60 (50 pips profit)
- Buy at: 107 – Take Profit 107.30 (30 pips profits)
QUICK HINT: USD/JPY is bearish with caution, bulls are still watching to enter again – Take quick trades and do not over wait till it hits the previously mentioned targets, if you feel that the trend lost momentum, get out with the achieved profits.