Long

USD/JPY 24/07: The pattern appeared, the strategy activated

Updated

While we expect USD to strengthen last Friday, we think it is “unlikely to threaten key resistance at 141.00.” USD not only broke through the 141.00 level but also spiked to a high of 141.95.

While further USD strength is not ruled out, severe overbought conditions suggest that key resistance at 143.00 may be out of reach today (there is another resistance at 142.50). To maintain strong momentum, USD must sustain above 140.95 (minor support is at 141.30).

Next 1-3 weeks: Our most recent report is from last Thursday (July 19, spot at 139.55), where the recent USD weakness has stabilized. We expect USD to trade in a range of 138.00 to 141.00.

Looking at the chart, the candlestick pattern has appeared a cup and handle pattern, signaling a very nice sell signal around 140,700

NOTE:
Note: Nova wants traders to manage their capital well
- Take the number of plots that correspond to your capital
- Take profit in the amount of 4-6% of the capital account
- Stop lots in the amount of 2-3% of the capital account
- The winner is the one who stays in the market the longest

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Note

The currency is to be patient and wait, has everyone entered orders yet

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Note

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