USD -JPY PAIR IS TRADING IN DOWN TREND. PAIR HAS BROKE DAILY SUPPORTS (SWING LOWS) OF 06-MAY-2020 AND 23-JUNE-2020 AROUND 106 AREA. SO, WE CAN PREDICT THAT USD-JPY MAY CONTINUE IT'S BEARISH TREND UP TO RE-TEST OF MARCH-2020 LOW AROUND 102 TO 101 PRICE LEVEL.
CHART HAS FORMED DOUBLE TOP FORMATION ON HOURLY CHART AT SAME PREVIOUS DAILY SUPPORT AREA, WHICH MAY ACT AS RESISTANCE AFTER BEING BROKEN ON DAILY CHART.
SELL ENTRY: 106.09
STOP LOSS: 106.75
TARGET-1: 105.60 (RE-TEST OF DOUBLE TOP V-SHAPE SUPPORT)
TARGET-2: 104.25 (RE-TEST OF RECENT SWING LOW)
CHART HAS FORMED DOUBLE TOP FORMATION ON HOURLY CHART AT SAME PREVIOUS DAILY SUPPORT AREA, WHICH MAY ACT AS RESISTANCE AFTER BEING BROKEN ON DAILY CHART.
SELL ENTRY: 106.09
STOP LOSS: 106.75
TARGET-1: 105.60 (RE-TEST OF DOUBLE TOP V-SHAPE SUPPORT)
TARGET-2: 104.25 (RE-TEST OF RECENT SWING LOW)