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USD/JPY is showing strength as a haven asset. It is currently trading at 114.98 below the 7/8 Murray and above the 200 EMA.
This fall in the price is not related to the daily movement, despite the fact that the yields of the Treasury bonds remain in the maximum zone and that the dollar shows some strength. The Yen continues to consolidate below the strong resistance of 8/8 Murray (115.62).
USD/JPY is likely to continue its downtrend in the coming hours towards the zone 200 EMA around 114.60.
The eagle indicator has reached the 95-point zone, which represents extremely overbought status. Therefore, in the next few hours, we expect a further technical correction so that the price could fall and break the area 114.60 (200 EMA), with targets towards 4/8 Murray at 114.06.
A pullback to 7/8 Murray (115.23) or 8/8 Murray (115.62) will be an opportunity to sell with targets at 114.60. On the other hand, a technical bounce at 114.60 or 5/8 Murray (114.54) will be an opportunity to buy again.
Our trading plan for the next few hours is to sell USD/JPY below 115.25. Any pullback to this zone will be considered a short opportunity with targets at 114.60. The eagle indicator supports our bearish strategy.
Support and Resistance Levels for February 7 - 8, 2022
Resistance (3) 115.62
Resistance (2) 115.47
Resistance (1) 115.12
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Support (1) 114.82
Support (2) 114.42
Support (3) 114.06
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Scenario
Timeframe H4
Recommendation: sell bellow
Entry Point 115.23
Take Profit 114.84; 114.60
Stop Loss 115.55
Murray Levels 115.62 (8/8), 115.23 (7/8), 114.84(6/8), 114.45 (5/8), 114.06 (4/8)
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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