Usdjpylongsetup
USDJPY to Hold Support?A simple look at the daily chart shows a trend line that can be drawn from the previous lows and touches the current low in the Yen. It is a make or break level which if held could set up for a move back to the 1.10 level and possibly above. If the level does not hold then another strong push can be expected which would reach down toward the 1.05 level. It's important to look for triggers on the lower timeframes and if they don't fire off then stand aside and look for a move beneath the trend line to establish new short positions.
USDJPY outlook for a longSupport at 107.830 (thick red line) seems to be a buy signal for most, although there is strong support coming from 2012 (purple line) which was tested in June 2016, twice in August 2016 and twice again in September 2016 which all failed to break. Ill be placing buys when UJ touches the purple support line, with SL below the thick red line - personally don't think 107.830 level will be reached so a good setup for a long
USDJPY dropped perfectly as forecasted, prepare for a bounce USDJPY dropped perfectly as forecasted and is seeing major support above 110.50 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and a strong bounce could occur at this level to push price up to at last 111.41 resistance (38.2% Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (55,5,3) is seeing major support above 2.5% where we expect further bullishness.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
USDJPY testing major resistance, intermediate correction could oUSDJPY is now testing major resistance at 111.41 (Fibonacci retracement, horizontal swing high resistance, bearish harmonic formation) and a drop from here could occur pushing price down to at least 110.60 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding drop could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDJPY testing major resistance, prepare to sellSell below 111.42. Stop loss at 111.73. Take profit at 110.61.
Reason for the trading strategy (technically):
Price is testing major resistance at 111.42 (Fibonacci retracement, bearish bar harmonic formation) and we expect to see a strong reaction off this level to push price down towards 110.94 before 110.61 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.
USDJPY dropping nicely as forecasted!USDJPY has dropped nicely from our pullback resistance level of 110.96 as expected (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). More bears have jumped into this trade and this 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.
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.
USDJPY LongI'm expecting USDJPY to keep dropping and test the 61.8 fib, great opportunity to go long
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.
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.
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.
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.
Short term long UJAfter such a big drop we need a correction before continuation of our down trend. Therefor I believe we gonna see that correction now.
I'll hold my position with a really tight SL for now.
First target is the S zone and 38.2 fib if we see a break I'll focus on our second target at 61.8 fib.
