USDJPY targeting 95
The Yen is set to strengthen to 95 per dollar on a break below 100
Sell short with a stop (on close) above 104.63 and a target of 95.35. Alternatively, less aggressive traders may look to enter short on any bid around 102.50 - 103.00 if a right shoulder is to form before testing the downside pivot at 99.98
For further insight and discussion please contact me via Tradingview or LinkedIn, on Twitter @James_LVDTA, and visit lexvandam.com to become a member of our Trading Club.
- USDJPY failed to find buyers around 103
- Closed below the 102.85 (62%) retracement level on Friday on heavy selling (large macro fund driven)
- A test of 99.98 now looks likely and momentum favours a break to the downside
- If this level holds then a 'right shoulder' could form around 102.50 - 103.00
- Whether this forms or nota close below 99.98 ushers a projected move towards 95.35 (a further close below 98.78 confirms this)
- There is confluence around 95 with the long term (2011 - 2015) 62% support level also in this area
Sell short with a stop (on close) above 104.63 and a target of 95.35. Alternatively, less aggressive traders may look to enter short on any bid around 102.50 - 103.00 if a right shoulder is to form before testing the downside pivot at 99.98
For further insight and discussion please contact me via Tradingview or LinkedIn, on Twitter @James_LVDTA, and visit lexvandam.com to become a member of our Trading Club.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.