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Usdjpylongsetup

USDJPY dropping from our pullback perfectly, remain bearishSell below 111.02. Stop loss at 111.97. Take profit at 109.49. Reason for the trading strategy (technically): Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension). RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.
Short
by MEX_Exchange
USDJPY major support broken! USDJPY is making a pullback to our major support-turned-resistance level at 110.96 (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). This could be potentially a good level to trigger a strong sell off which could drive price down towards 109.88 support (100% Fibonacci extension, Fibonacci retracement, swing low support). RSI (34) remains in a descending channel showing that there is still bearish momentum in this move. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
USDJPY breaking out nicely, remain bearishSell below 111.02. Stop loss at 111.97. Take profit at 109.49. Reason for the trading strategy (technically): Price has dropped strongly after breaking out of our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) and has started to make a pullback to our entry area once again. This is a good opportunity to get into the trade once again for those who missed the first breakout. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension). RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.
Short
by MEX_Exchange
USDJPY major support broken!USDJPY has finally broken major support at 110.96 (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). This could potentially trigger a strong sell off which could drive price down towards 109.88 support (100% Fibonacci extension, Fibonacci retracement, swing low support). RSI (34) remains in a descending channel showing that there is still bearish momentum in this move. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
USD/JPY drops to 111.30USD/JPY drops to 111.30 Due to fears of a large reduction in foreign Dollar asset purchases, the American currency fell by 0.86% against the Yen just in couple of hours. The plunge was stopped only after the exchange rate reached support area located around the weekly S2 and the monthly S1. Accordingly, today bulls are expected to try to restore lost positions. Most probably the surge will last until the pair reaches strong support-turned-resistance at the 112.10 level, which is additionally backed up by the 55-hour SMA. In case of better than expected US PPI data release, the soar might extend to the 112.60 mark, which represents location of the monthly PP together with the 100- and 200-hour SMAs. From the opposite side, the new decline is likely to be halted by the 38.2% Fibonacci retracement level at 111.17 the three-month low at 110.84.
by UnknownUnicorn890690
USDJPY on major support, prepare for a bounceBuy above 111.37. Stop loss at 110.80. Take profit at 112.13. Reason for the trading strategy (technically): Price has dropped strongly and is now testing major support at 111.37 (Fibonacci extension, horizontal swing low support, bullish bat harmonic formation) and we expect to see a strong bounce above this level to push price up to at least 112.13 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension). Stochastic (55,5,3) is seeing major support above 7.7% where we expect a corresponding bounce from.
Long
by MEX_Exchange
3
USDJPY hovering above major support, watch for a bounce!USDJPY is hovering over major support at 112.02 (Fibonacci extension, Fibonacci retracement, bullish alternate bat harmonic formation) and a strong bounce could occur at this level to push price up towards 112.93 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is seeing major support above 2.9% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
1
USD/JPY tries to break from triangle USD/JPY tries to break from triangle Despite release of mostly negative employment data on Friday, the currency exchange rate managed to break through 50% Fibonacci retracement level located at 113.00 and the upper-boundary of one-month long symmetrical triangle. As the pair has crossed already most of the technical indicators, the surge is expected to conitnue. On the other hand, in order to continue moving towards the weekly R1, the rate needs to break through the upper trend-line of a larger symmetrical triangle. In smaller perspective this pattern might halt the soar of the buck. However, in monthly perspective, it is still expected to continue heading upwards, thus trying to reach the boundayr of a one-year long dominant descending channel.
by UnknownUnicorn890690
USD/JPY heads down to test 112.50USD/JPY heads down to test 112.50 In early hours of this trading session the buck stopped the surge and bounced off from the 112.79 level. In essence, this turning point simultaneously represents the second reaction high of a two unconfirmed descending channels. As the northern side is additionally secured by the weekly and monthly PP as well as the slipping 200-hour SMA, the Yen is expected to resume the rally against the Dollar tending to reach the 112.13 mark by the end of the week. However, this scenario might be altered due to release of information on the American labour market. In that case the currency rate might end the week near the psychological 113.00 level.
by UnknownUnicorn890690
USDJPY bouncing nicely off strong support USDJPY is seeing major support at 112.02 (61.8% Fibonacci retracement, horizontal swing low support, 100% Fibonacci extension) and we could possibly look to buy on dips above this major support level for a push up to 113.62 resistance (Fibonacci extension, horizontal swing high resistance). Our next major level of support is at 111.34 (Fibonacci retracement, below strong price action). Stochastic (34,5,3) is seeing major support above 2.9% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
USD/JPY breaks two-week long channel downUSD/JPY breaks two-week long channel down For the first time in many weeks, reports about another ballistic missile launch made by North Korea did not led to appreciation of the Yen. The news from Asia most probably was beat by a series of positive news coming from the United States. From technical point of view, strengthening of the buck led to breakout through strong resistance formed by the upper boundary of a descending channel together with the 55- and 100-hour SMAs. Although certain signs point out on formation of a new ascending channel, this view might be premature, as further path to the north is obstructed by resistance zone surrounding the 38.2% Fibonacci retracement level at 111.65 as well the weekly PP at 111.78 that is backed up by the 200-hour SMA. In other words, today the pair is likely to plunge back to 111.20.
by UnknownUnicorn890690
USD/JPY approaches 113.80USD/JPY approaches 113.80 New trading week the currency rate stared in a limbo between the 200-hour SMA from the bottom and a combination of the weekly PP, the 55- and 100-hour SMAs from the top. Such neutral movement reflects anticipation of the Bank of Japan Policy Rate announcement. But since there is high probability that the central bank will left the monetary policy unchanged, the pair is not expected to act unpredictably. Such assumption is partially supported by presence of two extremums, which have already forced the rate to make a rebound more than once. The first is located near the 114.30 mark, while the other at the 113.34 level. A breakout through one of these barriers is likely to follow after the FOMC Statement, which will be delivered on Wednesday.
by UnknownUnicorn890690