Hello traders, USD/JPY is trading at 104.90. The price is trading in upward resistance and support channel, it can go down from here as it has already touched its resistance level . As the price has touched resistance level it can rebound back from here to touch support level , If price breaks 104.73 level then it can hit first target at 104.43 and second target at 104.04.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
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Thank you,
Rishikesh Lilawat
Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.
