USD/JPY is Facing Stiff Resistance

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By Deya Hroob


 This post is a follow up to a previous post  USD/JPY is Trading in a Descending Triangle


This trade idea is based on 4h chart.
As the chart shows USD/JPY is trading under major moving averages. The moving averages and the upper line of the descending triangle make it hard for the pair to rise.
The area between 108 and 108.15 is stiff resistance. On the downside the 106.90 is good support. We are looking for breaking this support to open short positions . 

aggressive traders can also sell when price touch the upper line
 

This trade setup will be invalided if price penetrates the upper line.

 

GOOD Luck! 


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