USD/JPY: entry and exit levels
By Felipe Erazo
The USDJPY is conducting an orderly correction in the H1 chart, because this pair found support at 101.86 level. Now, the USDJPY is consolidating above the 38.2 Fibo Level (102.07), so it is very likely that this pair rise to the level of 102.13 (50.0 Fibo Level). However, there is a high probability that the USDJPY continues to rise, even above the 100.0 Fibo Level.
However, this pair might find resistance at 102.20 level and continue the overall bearish trend, but to confirm the strength of that level, we should expect to see a divergence on the CCI indicator. In addition, the USDJPY could find strong support at current levels, due to its proximity to the 500 SMA, so this pair could consolidate again above this moving average.
Trading recommendation: The buy orders should be placed above the 61.8 Fibo Level (102.20), with take profit at 102.41. If you want to sell this pair, we recommend to put short orders below the 101.86 level or at 102.20 (61.8 Fibo Level), only if the CCI shows a bullish divergence.