The pair tested twice 110 level, psychologically key and now also the 200 SMA just above it, around 110.15. RSI divergence implies potential double top. Both days , when 110 was tested, candles showed potential bearish reversal patterns.
Entrance on the break of the neckline. Target 1 is MPO above 107, but observe the 50 SMA in the way.
The small trend line is for more aggressive traders to enter on a 1 hour timeframe.
The pair is very fundamentally driven. Dollar moved greatly on Trump politics and JPY being a safe haven currency. While this week is light on economic data releases, news regarding Iran, China trade, North Korea and so on could easily negate the technical setup of the chart. In that case, the pair could test 110 level again.
Happy Trading!
Entrance on the break of the neckline. Target 1 is MPO above 107, but observe the 50 SMA in the way.
The small trend line is for more aggressive traders to enter on a 1 hour timeframe.
The pair is very fundamentally driven. Dollar moved greatly on Trump politics and JPY being a safe haven currency. While this week is light on economic data releases, news regarding Iran, China trade, North Korea and so on could easily negate the technical setup of the chart. In that case, the pair could test 110 level again.
Happy Trading!