Daily Technical Strategy On Currencies & Commodities
USDJPY: The pair took back some of its previous week losses at the end of the week leaving risk to the upside. However, with price failure seen ahead of its key overhead resistance zone at 121.73/63 zone, we may see USDJPY weaken in the new week. On the upside, resistance resides at the 121.00 level with a turn above here aiming at the 121.50 level. A break will target the 122.00 level. Further out, resistance comes in at the 122.50 level where a violation will aim at the 123.00 level. On the downside, support comes in at the 120.00 level where a break will target the 119.50 level. Below here if seen will aim at the 119.00 level followed by the 118.50 level. On the whole, USDJPY remains exposed to the upside but with caution
FXTechstrategy Team
We have to be really good in using these strategies since money management is key here, it won’t matter if it works for others, but for this to work for us on personal levels, it is vital that we make sure everything is in right place. I trade with Nova FX Company, it supports me very well with their offers like Super Nova, and it gives me 5% extra which is really useful especially for scalpers and puts added help on any strategy or method.