Ujsdjpy
USDJPYUSDJPY has formed a base just below monthly support around 100.052, recent price action would suggest that the pair is in early stages of reversal as a key trend line has also been broken. Price is currently testing monthly resistance at 106.131 a break of this level and we can potentially see this pair reach highs of 111.207 in the not too distance future.
USD/JPY shortLooking at a further short on USD/JPY.
Price has failed to hold above 102 and is looking like the daily close will be below 102. Although today was a UK bank holiday I still feel it indicates USD weakness agains the yen.
We could see a push towards the descending trend line, however, I will look to short if we break below Fridays close of 101.759.
Stop at 103, first TP at 100.5, second TP at 100.
USDJPY Short +80 pipsUS Dollar vs Japanese Yen's Wednesday morning Comment:
Following a higher surge during the Asian session early this morning. With the pair gained nearly 69 pip. The Yen pair continue's to move down in a strong BEARISH trend as it did for past days ( view Daily chart below ).
On the other hand. USDJPY is holding well below the long term 200 days simple moving average (that's why we dont recommend any long trades on the USDJPY for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BEARISH trend.
CONCLUSION: As per above general BEARISH trend; Only Short trades to be considered following completion of any counter trend rising correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding below the 200 periods simple moving average (red dotted line) the on the 30-M chart ). For the final Short entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
(c) This pair review has been published by TFF (TM) Forex Scanner Analysis team trendfollowingformula.com on Wednesday 2016.08.03 08:30:34 (GMT).
OH! MIGHTY UJ WHERE ARE THOU? UJ seems to not care but continue to drive down south....
I am afraid UJ might go all the way south to 106.718 (God forbid!) - IMHO - I do not pray for this to happen as it may affect all emerging markets, but it can't be rule out either.
113.2 is fast approaching and 106.7 possibly could transpire by the end of this weekend (God forbid)