Few days ago price failed to test ressistance at 109.48, now making good opportunity to short positions after bounce from blue ascending trendline and local ressistance.
USDJPY approaching support at 107.898 where it could potentially rise further to 109.518.
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USDJPY has been consolidated for the past few days between 108.60 and 109.00 . Still appearing to use the 200 EMA as a place of resistance and not breaking above. There has not been enough significant US Data to drive price lower.
I am still in the short position with entry at 108.60 with stop loss at 108.80 and take profit at 108.00
USDJPY is trading within a rising wedge pattern and approaching a key resistance trendline and a retest trendline. It is a good place to watch for a short entry on lower timeframes.
Hi Traders!
The market is now in a consolidation--zone after a shortterm longtrend.
During its upmovements it respected the trendline.
But the more often the market tests a trendline, it becomes weaker and NOT stronger!
Its the same for support and resistance.
Now the market is in the consolidation area on the trendline.
If the market breaks out higher this idea...
The US dollar remains under pressure against the Japanese yen, following reports that the first phase of the Sino-US trade deal could be delayed until next year. The USDJPY pair is increasingly likely to test towards the 107.50 support level, with the 106.90 level extended weekly support. Going forward, USDJPY traders have few reasons to be bullish while price...
USD/JPY HAS BEEN CHARACTERISED LATELY BY A STRONGER YEN,
FORECASTS FOR A 12 MONTHS HORIZON DO ARGUE FOR A DOLLAR/YEN BREAKING BELOW USD/JPY 100.
THE WEEKLY SKEW CHART SHOWS A WEDGE PATTERN OVERALL THAT SHOULD BE RESOLVED
WITH THE EXCHANGE RATE BREAKING OUT TO THE DOWNSIDE, GIVEN ALSO THE CONSISTENT MOVEMENT
OF THE CANDLESTICK TREND BELOW THE 200 MOVING AVERAGE...
Overall, USD/JPY is ranging across.
USD/JPY next support level is at 108.000 and the next resistance level is at 109.400.
Due to the recent trade war uncertainty between the U.S. and China, look for short-term selling opportunities of USD/JPY.
Waiting on price to get up to the 109.100 level before getting in short. I'll wait for confirmation at that level before entering, though.
Set alerts at 109 level and wait for price to come to you. I'll update if/when I have an entry/confirmation.
Also known as trading the “gopher” the USDJPY pair is one of the most traded pairs in the world. The value of these currencies when compared to each other is affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
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