The USD/JPY continued its bearish momentum last week bottomed at 108.71. The bearish run started after price formed a double top formation at 114.50 last month, then fell below the daily EMA 200 and now slipped below a trend line support as you can see on my daily chart below. My overall/long term outlook is neutral for this pair, but I believe price will continue the bearish phase following the trend line support violation.

So here is the plan for USD/JPY this week:

  • Sell at 119.50
  • Target 200 – 300 pips.
  • Stop loss 100 pips. Good luck!
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