usdjpy just broken a big support line, shy of a major resistance. I entered shorts around 110.65. I recommend ride it till we close above 111.5
targets 109.5 - 106.5 - we have a Gap up in 4H chart that needs to be filled around 106.5
With major resistance above, I went short USDJPY again around 110.65 with just a single lot. Let's see what the coming weeks has to unfold.
NEWS ALERT - Japan hit by 7.5 Earthquake and followed by tsunami warning. May god help them and my prayers with them... on fundamentals Yen will attract safe haven money back. ...
USDJPY is at crucial point of make or break it. Already touching 0.382 retracement from June 2015 highs.
I think we are done for this year but its worth waiting before taking any action.
Aggressive traders may open a sell order with stop around 111 for a target of 103.5 or a buy order with a stop around 107.5 ...
Short USDJPY at Market all the way to 106.5 with a STOP @ 107.5
Target is around 100.5 or even 99... if 99 cannot be saved then you will see 96 in long term.
Estimated time of completion is 1-3 months.. could be very quick trade and within a week as well
DISCLAIMER: I am short since 103.75 and adding more (averaging) at every pivot high / false breakouts (zero volume/no news)
I see 100 in mid term and below 95 in long term and will remain short.. for a quick trade (2-4 days). Here is an idea... sell NOW - Stop at recent pivot high 104.90 and Close at 103.50
I see multiple bearish waves forming in the various time frames. The easiest and smallest one is for 100-150 pips and can take the pair back to 103.25-103.15 levels. The next wave upon breach of 103 level can take us down to 102.75 and below that we may see 101.35 again