Watch four and half month old resistance trendline
The USDJPY is currently trading just below the resistance trend line on intraday chart since 20th April 2019. The pair is likely to take a pull back from the resistance area like it did in past. So, the traders are advised to watch a reverse off from resistance of 107.900 and once it happens, then the traders can go for a short position. The target could be set at 106.72 while Stop Loss at 108.612.
In case the pair breach above the trend line then a long position can be initiated with a target of 109.25.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.