USD/JPY has been rallying over the last three weeks. This was unexpected since this year we have only been trading in a downtrend. In April the downtrend picked up the pace after a break of 110.
I am waiting for a retrace lower, probably to 1.10, as I have mentioned in previous updates. I hope I haven´t missed the boat. Anyway, let´s take a look at the closest support and resistance levels for short term trades/signals:
Resistance Support
1 – 112.30 (mild – the high today) 1 – 112.00 (mild – round number and 20 SMA on H1 chart)
2 – 112.50 (strong) 2 – 111.70-80 (strong – last week´s high and 50 SMA on daily chart)
3 – 112.80(strong) 3 – 111.50 (strong 50 & 20 SMAs on H4 chart)
4 – 113.00 (strong) 4 – 111.00 (strong)
You can trade against the mild levels. They might even turn into strong levels by the time we get there, but I prefer to trade the stronger levels.
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