Sforex
Short

Idea for next week ( U/J)

FX:USDJPY   U.S. Dollar / Japanese Yen
321 0 0
Like I said in two topics:
-
-

I predicted exactly the advance of U/J, I also predict the target U/J reached: 100.40

Like an engine, needs to take a rest after a long run. U/J also needs a rest after testing strong resistance level: 100.40

I see a shooting star on the chart, I think before advancing again, U/J would retrace a little bit, but in the long term, U/J will railly to the next target 101.

101 is a very strong resistance. When I have time, I will explain how to use Gann Square Nine to determine key resistance level . 101 is a level like that. 101 is also 161% Fib extension level.

In order to U/J reaches that level. Market has to provide fuel for it.

I share my viewpoint in this topic about fundamental analysis next week:


I bet on No taper next week ----->; Dow Jones, S&P500             rise ---->; Nikkei 225             rises too ---->; U/J rises. That is dynamic for U/J.

In short, I believe U/J will retrace to 100% Fib extension level :99.43 and then advance to 101.

Good luck for next week all traders. Economic data of Japan next week traders should care is :
- Foreign bond investment on Wednesday.

If Japanese investors begin to foster buying foreign bond, U/J bullish trend is more clearer and stable.
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