USDJPY - Intraday - We look to Sell at 105.97 (stop at 106.32)
The rally was sold and the dip bought resulting in mild net losses yesterday. Trading within a Bearish Channel formation. The trend of lower lows is located at 105.38. There is no clear indication that the downward move is coming to an end. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 105.97, resulting in improved risk/reward. The AB=CD formation target is located at 103.72. The 161.8% Fibonacci extension is located at 103.31 from 112.40 to 106.78.
Our profit targets will be 103.75 and 103.30
Resistance: 105.97 / 106.66 / 108.09
Support: 105.05 / 104.65 / 103.75
The rally was sold and the dip bought resulting in mild net losses yesterday. Trading within a Bearish Channel formation. The trend of lower lows is located at 105.38. There is no clear indication that the downward move is coming to an end. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 105.97, resulting in improved risk/reward. The AB=CD formation target is located at 103.72. The 161.8% Fibonacci extension is located at 103.31 from 112.40 to 106.78.
Our profit targets will be 103.75 and 103.30
Resistance: 105.97 / 106.66 / 108.09
Support: 105.05 / 104.65 / 103.75
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