AdrianRaymondFX

USDJPY testing bearish trendline

FX:USDJPY   U.S. Dollar/Japanese Yen
213 5 10
USDJPY             is ending the trading week at a level that leaves us all in suspense for the start of next week. The pair is currently trading at 103.96 with a big resistance level at 104.00-30. There would theoretically be a potential for a double bottom should prices break above this resistance next week, but one would be hard pressed to aggressively short the yen so long as it trades above its support level . Basically, this is a make-or-break moment for USDJPY             in which we will either see renewed selling pressures (trend continuation, possibly followed by a break below 100 if the dollar comes under sustained pressure in the weeks ahead) or a bullish breakout (possibly fueled by intensified speculation over an extension of the BoJ's QE program + maintained called for a Fed rate hike).
ur line is wrong :)
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Seemed to work just fine!
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janne0536 AdrianRaymondFX
ur right. excuse me :)
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The real question is to know if it going to break or not... I guess it will breakout based on many factors you do not mentionned. Speculation on fundamentals will never help to take the right trading decisions.. because you can anticipe whatever stories you want for bull vs bear. I'm already long from 100 level... and this weekly closed just above 104 level on friday is an obvious sign for futher market direction... New Long position will be added on the following session. By the way, you use to work for FXCM? What about now? Cheers
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AdrianRaymondFX CrazyTrader2
Did you decide to cut your position given yesterday's sharp drop? Indeed, I used to work for FXCM but moved on to other things (and changed continents) last year.
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