USD/JPY: Trade ideas for August 18
The USDJPY has made a rebound on the level of 102.18, where is the 500 EMA. Now, this pair is trying to climb up to the resistance level of 102,70, although we must highlight that the USDJPY is forming a bearish pattern. If this pair manages to make a breakout at the support level of 102.10, it's expected to fall to the level of 101.96, where is located the 61.8 Fibo level.
However, the USDJPY could perform a rebound above the 101.96 level and return to the general bullish trend. If the USDJPY made a breakout at the resistance level of 102,70, it would be expected to that climb up to the psychological level of 103.00. The CCI indicator is trying to stay above the - 100 level.
Trading recommendations: Place buy orders if the USDJPY does a breakout at the resistance level of 102.41, with take profit at 102.70.