FX:USDJPY   U.S. Dollar / Japanese Yen
The Yen is set to strengthen to 95 per dollar on a break below 100

  • USDJPY             failed to find buyers around 103
  • Closed below the 102.85 (62%) retracement level on Friday on heavy selling (large macro fund driven)
  • A test of 99.98 now looks likely and momentum favours a break to the downside
  • If this level holds then a 'right shoulder' could form around 102.50 - 103.00
  • Whether this forms or not a close below 99.98 ushers a projected move towards 95.35 (a further close below 98.78 confirms this)
  • There is confluence around 95 with the long term (2011 - 2015) 62% support level also in this area

Sell short with a stop (on close) above 104.63 and a target of 95.35. Alternatively, less aggressive traders may look to enter short on any bid around 102.50 - 103.00 if a right shoulder is to form before testing the downside pivot at 99.98

For further insight and discussion please contact me via Tradingview or LinkedIn, on Twitter @James_LVDTA, and visit http://www.lexvandam.com to become a member of our Trading Club.
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
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