FxWirePro
Long

USD/JPY holds trendline support, good to buy dips

FX:USDJPY   U.S. Dollar/Japanese Yen
539 1 11
a year ago
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
a year ago
Trade closed: stop reached
forexmech
a year ago
Good setup. Following you now. Thanks for the setups..
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out