My Current Active Open Trades: EURGBP, EURNOK, EURPLN, USDMXN, CADMXN, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
USD/JPY – Approaching MT Resistance Zone (4h chart)
After clinging to the key resistance zone between 111.70-112.10 for the last half of May, the pair started to sell off. But after finding support around 109.50 followed by strong buying, we are now closing in on the overhead resistance again.
Since this is a key MT resistance, we expect it to hold for now. Sellers interested in taking advantage of this price action should find ST supports at 110.60 & 109.10 to be potential areas to target.
A strong close above 112.00 opens up for buying towards 113.70 and 115.30.
Verizon …... Keep reading