The pair logs the weekly loss after gains for three weeks in a row. The JPY was supported by BOJ Governor Kuroda speech on Wednesday. Readers can refer to our forecast from last Monday
to exit longs. Selling was advised below 125.00 with a target at 123.00. The
pair made a low at 122.48 and changed the
direction. The pair managed to hold the 20Dsma support. Ahead of FOMC meeting on
Wednesday, shorting is not a good idea. I request traders could wait patiently
to open a good trade on the either side.
resistance: 124.20, 125.60, and 126.00.
Support: 122.30, 121.70, and 120.60.
made a lower low a month later. The
current trend favors buying on dips with sl 121.70. If bulls
lose 121.70, bears can drive towards 120.00. This is another level of
buying on a dip. A strong upswing is taking place above 126.00 towards 129.00 and
133.00, in the extreme case 136.00 is
likely to be hit.
Intraday selling is available below 123.10 with targets at 122.85, 122.50, and 122.00.
is available above 123.90 with targets at 124.10, 124.50, and 125.00. Please consider safe buying above 124.15.
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