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Forex technical analysis: USDJPY moves to new session lows. 120.20 next support target

Trend line target approached.

The USDJPY has moved below the Friday low at 120.57 and has triggered some stops along the way. Looking at the hourly chart, a lower trend line comes in at the 120.20 level and this is the next target for traders focuses on the key swing levels.

Looking at the daily chart, the USDJPY has a different trend line - this one upward sloping - that is also approaching at the 120.20 level (see chart below). The two support levels on the hourly and the daily should give traders a cause to pause. Having said that, the move away from both the 100 and 200 day MAs above (blue and green lines in the chart below) is bearish for the pair. So don't mess with a break....(look for stops on a break) or perhaps play a failed break if you want to be more conservative.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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