Knocking at 115 steel resistance
=> Here we expect the 115 handle to hold and a timely place for our previous longs to take profits off the table.
=> Well done all those who caught the buy side on this leg from USDJPY idea. Given how many levels are converged in this one area we expect it to hold.
=> The 115 area also encompasses the possible triangle pattern from 2016 (see our next USDJPY weekly idea coming in a few). If this is the correct technical perspective, USDJPY should eventually retrace back towards the base of the move circa 110/109.
=> Watch for signs of weakness and profit taking at 115, not much higher than here. Next support will lay at 112.9 and 111.8... any breaks lower here ulock 110/109.
=> Good luck all those trading this one live and well done to all longs
=> Well done all those who caught the buy side on this leg from USDJPY idea. Given how many levels are converged in this one area we expect it to hold.
=> The 115 area also encompasses the possible triangle pattern from 2016 (see our next USDJPY weekly idea coming in a few). If this is the correct technical perspective, USDJPY should eventually retrace back towards the base of the move circa 110/109.
=> Watch for signs of weakness and profit taking at 115, not much higher than here. Next support will lay at 112.9 and 111.8... any breaks lower here ulock 110/109.
=> Good luck all those trading this one live and well done to all longs
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