USD/JPY looks vulnerable
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Trade idea
SELL at 112.25; TP1 111.60; TP2 111.00; SL 112.50
USD/JPY may have finally reached the time when it will test levels below the support line. Let’s read the signs.
Weekly MAs are horizontal with a slight bearish bias. It doesn’t look like the uptrend has a much vigor in it. The pair consolidated for a considerable time. Daily MACD went to the negative area. The pair has 23.6% Fibonacci support at 112.30. A decline below this point will open the way down to 111.00.
At the same time, given the fact that the decisive evidence that the uptrend is broken isn’t here yet and that the US central bank will hold a meeting today thus increasing volatility, the return above 112.70 will bring the pair up to resistance at 113.10.