USDJPY – Breaks ST Base, Forms Pin Bar & Support (4hr chart)
After breaking the ST double bottom and base from the last two days, the USDJPY sold off heavily today, along with the Nikkei. Intra-day the pair found bids holding the line at 119, eventually forming a pin bar at support there.
Bulls wanting to get long should look for pullbacks into the support level with tight stops below. Upside targets would be 120 and 120.50 while a break below 118.75 opens up a lot more downside, potentially a move to 116.
Also in our member trade setups commentary today, we cover the EURUSD, USDCAD & WTI. Click here to become a member.