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Usd_jpy

USD/JPY (LONG) - Technical & Fundamental AnalysisI will be looking to enter a long trade within the purple box which is a key daily zone that has previously acted as a resistance for price and we are now looking for it to act as support. We have added confluence to this trade via the blue trend line which we can see has previously been well respected and therefore this increases confidence that this will serve as an area of support. Fundamentally, we have seen the dollar finally start to show some weakness today following the steep decline in US equities caused by the growing market fears of a Corona Virus pandemic. However, it is my view that this will be a short lived decline for the dollar. It is still perceived to be the strongest economy in terms of weathering an economic slowdown should the virus continue to worsen. The Yen on the other hand is facing a weakening economy which will only get worse given its closer exposure to China, therefore this correction is USD/JPY is likely to be short lived and we look to take a long position using tech analysis to find our entry
Long
by PhantomForex
1
USDJPY some down before the upWe have completed a 5 wave move up with a LTF wave down. The HTF is for more up but there is an opportunity to grap some pips here. If price pulls back to .618 I will take the short to retest the pivot low to the 11.8 extension. The unfilled gap is of concern as it has had very little penetration and may be a strong support level. Watch for a break of the gap and then a retracement to the gap as it will become resistance. I will not trade the break of the purple 1 hr trend line as the RR is not good enough if the gap holds. Educate yourself, create a trade plan, validate your trades through other traders ideas. Own your trade good or bad.
Short
by nahidik
$USDJPY looking for possible continued weaknessLooking at prior history (left) on this Weekly chart you can see that we're at an important area here. We can see that the Bat completed, but failed to even break to a full 27.2% retrace. We then continued on down to fully complete the H&S pattern (& 200% ext); yet again, failed to retrace even 27.2% before a low NFP pushed it back down to retest prior lows area. There's a lot going on in the smaller TF's but in the bigger picture it's showing me that it's a good possibility that we finally go for that potential Alt Bat I've had on here at ~$102.505. Will it be a straight line? Doubtful. I do not see +Div anywhere yet though. I'll break down a lower TF or two soon to show some possible paths that I'm planning for, keeping in mind that the large red candles have been tending to bounce for a little bit afterwards (neckline break one of the few exceptions). So I wouldn't say close your eyes & short anywhere, but shorting on pops looks like a good base strategy here. I'll be watching for a new June low to confirm first (smaller TF possibility for bullish move that I will prepare for if it shows promise, will to be wrong to be right). Stay nimble, especially with FOMC upon us.
Short
by JohnConaway
No direction on USD/JPYUSD/JPY is trading in a range. What we want to see is breakout to either direction, but since MACD is making lower highs we favor break to the downside also 110 is a round number and therefore huge resistance level for us. 1. If we get a break to the downside our profit taking area will be between 106.50 and 106.00 area and stop loss above the range area. 2. If we get break to the upside AND MACD crossover, then our stops will go below range, while profit taking area will be around 112.00.
by DP_TRADING