Significant level reachedThis pair is on a downtrend and it has just hit a horizontal significant level at 137.663. Either a slight bounce up to the previous high, however a triangle formation indicates that it might break lower past the significant level. RSI looks to be on a downtrend towards the 30.
Japan
USDJPY ran in the descending price channelUSDJPY ran in the descending price channel on 4-hours chart and the downward movement from 115.50 extended to as low as 110.73. Near resistance is at the top of the price channel. As long as the channel resistance holds, the downtrend could be expected to continue and next target would be at 110.00 area. Key resistance is at 112.89, only break above this level could signal completion of the short term downtrend.
USDJPY Short TheoryAfter today's inability to successfully break previous highs, we are now on the path again for the 111s! Good news for us shorting UJ before going long and continuing the bullish trend!
Only current issue I see is that on the 1H time frame we have crossed EMA 150/300 which would suggest a bullish move, however, we have not crossed on higher time frames which would be more reliable information.
Look for UJ to hit 111.166 (full extension) to 109.931 (50% retracement from election spike) area before reversing and heading north to re-test the 118s (hoping for 120+!)
Currently short on UJ and have pending long entry at the 111.166 (which I might adjust lower later depending on market conditions)
Confluences for my ideas posted on chart (messy Im sure :P)
EURJPY sellEURJPY met 50% fibo retracement (Price Reversal Zone) before the market
was closed last week and at the same time Retested broken trendline
after looooong time lasting consolidation.
Looking for positions to sell that pair. Keep eyes on it!
Good luck with trading this week guys.
And don't forget to trade with proper RM/MM and caution.
USDJPY - A little rough, but a short before hitting the long!Although these last few trading days of UJ have been a bit turbulent to say the least (especially for those of us currently short) there is a little light at the end of the tunnel - this is for sure a counter trend trade, so I wouldnt really be looking to short, if I hadnt already jumped in it ;)
We are currently (as of Sunday evening) sitting at the 61.8% retracement from the last lower high to lower low. Assuming we now have a clear rejection from the 114.147 area, full extension has us at 110.362 - for those IN a short now, Id suggest setting TP at previous lows to ensure profit is hit before the turn around... (111.700s) for those that got short earlier this evening at 114.147, I would suggest placing TP at the full extension as you have less risk at that point (trailing your SL a bit)
Once we hit that full extension area, or right below it at the 50% retracement from election jump - I would suggest going long as we will continue bullish at that point as planned. (given that we are in a bullish market on UJ and have no reason to currently believe otherwise.
Happy trading and good luck!
USDJPY Short Term Support BrokenAfter breaking out of because of the "Trump Tax Plan" news, FX:USDJPY failed to follow up the bullish momentum and broke not just the 50ma but also the support level at 113.50.
Short Entry: 113.494
SL: 113.6
TP: 113(possible the price will bounce off the 200ma)-112.470
Any feedbacks are appreciated