The chart shows the demand and supply zone in USD-JPY pair. The pair is unable to sustain above 114.50 and below 104.50. This broader trading range is followed since year 2017 till date. The pair had broken down on wedge like pattern earlier and fell to 104.50 and then again raced back above 114. Then again the same wedge like pattern is formed and the pair has fallen. Now it had a pullback but seems not to cross 110 and likely to move below 105 towards the demand zone.
Comment:
111.88 and 112.53 are good levels to go short with stop above 113.35 for t/p of 109.40/108.45
Comment:
After making a high of 112.40 usdjpy has fallen more than 200 pips. continue holding position as its more than 100 pips in the money w.r.t 111.88 as selling price.
Trade closed: target reached:
targets of 109.40 and 108.45 both reached
Comment:
usd-jpy follows cycles