USD/JPY holds trendline support, good to buy dips

FX:USDJPY   U.S. Dollar / Japanese Yen
540 1 11
USD/JPY             has taken trendline support at 116.53 on Friday's trade and edged higher to currently trade at 117.20 levels.

A Doji formation on Friday's candle after downtrend from 121.68 highs on Jan 29th suggests a reversal in place.

Technicals also point higher, Stochs show a bullish crossover at oversold levels and RSI on dailies is also biased higher.

Bulls continue to cheer Friday’s auspicious labour market report from the US, while markets seem to ignore the latest BoJ initiative and also the slight weakness seen on the Asian equities.

We see scope for test of 118.95 (38.2% Fib of 123.76 to 115.97 fall), with strong support at 116 levels (falling trendline ) and resistance at 117.43 (Feb 5th highs).

We would go long on dips around 117 levels, SL: 116, TP: 117.80/118/118..95
Trade closed: stop reached
Good setup. Following you now. Thanks for the setups..
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out