USDJPY Short +80 pipsUS Dollar vs Japanese Yen's Wednesday morning Comment:
Following a higher surge during the Asian session early this morning. With the pair gained nearly 69 pip. The Yen pair continue's to move down in a strong BEARISH trend as it did for past days ( view Daily chart below ).
On the other hand. USDJPY is holding well below the long term 200 days simple moving average (that's why we dont recommend any long trades on the USDJPY for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BEARISH trend.
CONCLUSION: As per above general BEARISH trend; Only Short trades to be considered following completion of any counter trend rising correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding below the 200 periods simple moving average (red dotted line) the on the 30-M chart ). For the final Short entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
(c) This pair review has been published by TFF (TM) Forex Scanner Analysis team trendfollowingformula.com on Wednesday 2016.08.03 08:30:34 (GMT).
