Thursday, June 25, 2020

Bullish Setup On USDJPY

Marco Tosoni

FХ Strategist & Financial Commentator

After the strong volatility climax that has characterized the months of February and March, this pair has started to work within a trading range with a first rising swing during the month of May and the prices to rise towards 110.00 area followed by a bearish movement during June, with the prices to fall nearby 106.00 area around the bottom area set in the end of April.

On Tuesday’s session USDJPY has scored a new bottom testing the previous support, while on yesterday we had a first bounce with a closure around 107.00.

The average true range is continually working below its moving average, even though over the course of this month is showing a slight rising that should increase the activity on this pair for the coming weeks.

Taking a look at the RSI indicator, we can detect a bullish setup, that should favour a bounce of the dollar, also considering how the support around the April bottoms at 106 is relevant.

The setup would be activated in case of a breakout of yesterday’s tops around 107.30 area. The stop loss could be placed at 105.80 below yesterday’s bottom, while the target price can be predicted around 108.80 nearby the June’s top area.

As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.

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