USD/JPY: Trade ideas for August 13
By Felipe Erazo
On the H1 chart, we can see that the USDJPY has made a rebound on the 23.6 Fibo level (102.15), so this pair could rise to the level of 102.46 resitance soon. However, it is likely that USDJPY could carry out a pullback at that level and fall to the support level of 101.93. Should be noted that the USDJPY remains above the 500 EMA, so the bullish outlook remains alive.
On the other hand, this pair could do a retracement to the support level of 101.93, where is located 61.8 Fibo level and there to make a rebound to continue the bullish trend in the medium term. However, the USDJPY could fall to the support level of 101.50, if the pair makes a breakout at the level of 101.93. The CCI indicator is entering the 100 level area.
Trading recommendations: Put buy orders if the USDJPY does a successful rebound at the support level of 101.93, with take profit at the resistance level of 102.78.