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Usdjpyprediction

USDJPY approaching resistance, prepare to sellIntro: USDJPY is seeing some really strong resistance, good opportunity to get into a short trade. Sell below 106.47. Stop loss at 107.34. Take profit at 104.77. Reason for the trading strategy (technically): Price is seeing strong resistance at 106.47 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, descending resistance) and a strong reaction could occur at this price to push it down to 104.77 support (Fibonacci extension). We do have to watch out for intermediate support at 105.24 (horizontal swing low support) which needs to be broken to open a further drop. RSI (89) sees descending resistance hold price down really well with its bearish momentum.
Short
by MEX_Exchange
USDJPY profit target reached perfectly once again,prepare to buyBuy above 110.25. Stop loss at 110.03. Take profit at 111.15. Reason for the trading strategy (technically): Price has shot down and reached our profit target perfectly. We prepare to buy above major support at 110.25 (Fibonacci extension, horizontal swing low support) for a push up to at least 111.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing major support above 4% and we expect a strong bounce above this level. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
USDJPY dropping nicely, remain bearishSell below 114.07. Stop loss at 114.77. Take profit at 112.90. Reason for the trading strategy (technically): Price continues to drop nicely from our selling area. We remain bearish below 140.07 resistance (Fibonacci retracement, horizontal overlap resistance). We also tighten our stop loss to 114.77 to protect our profits. Profit target is at 112.90 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing pullback resistance at 69% which corresponding to the reaction we are seeing off 114.07 in price. We hope to see a stronger reaction for a further drop.
Short
by theforexarmy
USDJPY profit target reached perfectly again, time to buyBuy above 112.58. Stop loss at 112.21. Take profit at 113.75. Reason for the trading strategy (technically): Price has dropped perfectly and reached our profit target from yesterday. We turn bullish above 112.58 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to 113.75 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) is seeing strong support which is signalling to a price bounce.
Long
by theforexarmy
USDJPY profit target reached, prepare to sellSell below 113.95. Stop loss at 114.95. Take profit at 112.56. Reason for the trading strategy (technically): Price has reached our profit target perfectly. We now turn bearish below 113.95 resistance (Fibonacci retracement, horizontal resistance) for a drop down to 112.56 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing strong resistance below the 94% level. Reason for the trading strategy (fundamentally): The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bearish USDJPY trade.
Short
by theforexarmy
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