Sforex
Long

USDJPY: I DON'T BELIEVE IT COULD TRADE LOWER

FX:USDJPY   U.S. Dollar/Japanese Yen
208 0 2
The greenback continuely trade lower vs Japanese Yen             today while trade higher vs Kiwi, Euro             , and Loonie.

The main reason I think come from the nature of currency:Yen is a safe haven currency, so traders buy Yen as a place to shelter from the Grexit problem, and because greenback is also a safe haven currency, it is bought vs high risk currencies such as Kiwi and Loonie.

While we still not have an obvious answer for Greece problem, I think this trend could continue despite positve data of USDollar             ; today we see Consumer Confidence soared to 101.4; this data could reinforce for the payroll on Thursday.

- Back to Technical Analysis .

USDJPY             test the strong support at 122, this is also the old high I mark on the chart.

Moreover, the main and strong bullish trend line is also at this level : 122

USDJPY             test Kumo cloud at 122.

To maintain the bullish view: USDJPY             couldn't break the Kumo cloud and the trend line.

While I still put my faith on strong Dollar, I don't think USDJPY             trade lower the key suppport 122.

I consider the bounce from 122 as a chance to BUY at low level.

I hit a LONG position of USDJPY             at current price 122.40, stop loss 121.90, take profit at124
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