USD/JPY: Trade ideas for August 08
The USDJPY is trying to stay above the 500 EMA, where is located the 61.8 Fibo level and which is acting as support in this pair. If the USDJPY does make a rebound at that level, the next target would be the resistance level of 102.45, which is above the 200 EMA (green line) in the H1 chart.
On the other hand, our bullish outlook could get invalidated if the USDJPY does make a breakout in the support level of 102.03, which could lead to this pair to fall to the level of 101.77, which also would start a bearish trend in the medium term. The CCI indicator is pointing upward, which could indicate an impending bullish momentum for the USDJPY.
Trading recommendations: Place buy orders at current levels (rebound at 61.8 Fibo level), with take profit at the resistance level of 102.45.