USD/JPY looks like it’s retracing after hitting resistance at the 110.25 psychological level.
If you think that the bulls are just taking a breather, then you’ll want to look at the 109.70 as a potential entry.
It’s also possible for USD/JPY to take off from its current levels as it’s already supported by the 50 EMA .
Also, Think 110.25 is just about the ceiling for dollar bulls? You can also wait for the pair to break below the previous resistance area and aim for a move back to the 108.50 levels if you’d rather short the dollar against the yen.
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Disclaimer-
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
If you think that the bulls are just taking a breather, then you’ll want to look at the 109.70 as a potential entry.
It’s also possible for USD/JPY to take off from its current levels as it’s already supported by the 50 EMA .
Also, Think 110.25 is just about the ceiling for dollar bulls? You can also wait for the pair to break below the previous resistance area and aim for a move back to the 108.50 levels if you’d rather short the dollar against the yen.
If you find this idea helpful, don't forget to hit the like button. Follow us for more future Updates.
Disclaimer-
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.