USD/JPY Chart Levels: Support 83.20…82.80…82.00. Resistance 84.00…85.50…86.00
Strategy
Entry
Stop
T1
T2
Weekly: Long
82.80
82.20
85.00
86.00
This week the market will be consolidating within the Bollinger bands 82.80-86.00. Market breached a significant support at 84.00. Next intermediate target is at 83.00. However, the next fib target is at around 82.80 and is more significant. Therefore, buying here will pose more risk than justified. The slope of the moving average mA (200) and mA (100) favor bears. Weekly trading range is between 82.80 and 86.00.
