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Usdjpyanalysis

USDJPY: BEARISH TP: Intra to 107.6 - 100 Pips #Forex #FxProNowUSDJPY: BEARISH TP: Intra to 107.6 - 100 Pips #Forex #FxProNow Point A LH: 109.9 Bearish Wick Point B LL: 107.9 Bearish Wick Point C Entry: 108.1 - Did not catch the right entry; I believed that price did not pull back far enough. Mostly because I thought the last LH at 109.7 was not a true lower high. Being the fact that price has close past the last level of support at 107.9 that leads me to believe that the last LH at 109.7 was ACTUALLY a LH. But the best entry we are now looking for will be found after the pullback of the broken support. So we are looking for price to pull back to 108.1. Point D TP: 107.3 - Since this is not the best entry and we are basing our trade on the H4 TF this is not my ideal trade so we are only looking for the short term push... But I will have 2 trades going, 1 to end off at 107.3 and another to just run to the 105 region. SL: None
Short
by FxProNow
11 days of mixed trading in USDJPY. What’s ‘going down’?FX:USDJPY OANDA:USDJPY FOREXCOM:USDJPY SAXO:USDJPY In the immortal words of Salt-N-Pepa ‘Let’s talk about stocks, baby!’ Nothing seems to be able to keep stocks indices down. Trump has sent the war cry as he enters a new election campaign (I have had to scroll back for 5 minutes through only two days of tweets to find it!) ‘ The Trump Economy is setting records, and has a long way up to go....However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT’ European Stocks have also seen a surge this morning with Draghi hinting that he is open to rate cuts Currencies We talk about a ‘flight to safety’ a lot with currency traders buying safe haven currencies such as the Swiss Franc (CHF) and Japanese Yen (JPY). The most volatile of the YEN crosses being AUDJPY. I find USDJPY a great gauge Technical Monthly – There is little to take away from this chart. We have broken the channel formation to the downside, but the move is anything ‘but’ impulsive. A full AB=CD formation target is seen at 92.00, just below the 61.8% fib @ 94.77 Daily – Looks to have completed a 5-wave count to the upside (Elliott Wave). A full AB=CD formation target is located at 107.37. This is just below the 61.8% retracement level at 107.60 (from 104.64-112.38). We consider this as prime target/support. Intraday (4-hours) – Mixed trading for the last 9 (trading) days has resulted in a channel formation (corrective). The channel top is seen at 108.98. With that being close to bespoke resistance at 108.87, we prefer to sell into rallies for the next drive lower For FREE technical analysis, trade ideas, Ask the Analyst feature and much more, sign up to Signal Centre HERE
Short
by Signal_Centre