Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
USD/JPY: on the way to September lows
2020-10-22 • Updated
USD/JPY now trades between 104.80 and 105.00. Further below, there are only September lows. The closest one is 104.5 – if the currency pair reaches there, that would be half-way to the bottom of the large downward channel. 104.00 would be the true support to look for – that’s where USD/JPY would likely stop and reverse to start crossing the channel upwards.
On the weekly chart, the market channel is in fact entering the zone of pre-virus lows. 104.00 would be a door into this lower layer, 102.00 would be the February-March lows. It’s pretty early to make preparation for the latter, but keep it in mind though: USD/JPY is now getting as low as ever in 2020.
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Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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