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Usdjpysignal

SELL USDJPY for a break of trend line SHORT at 106.28The significant WS1 support pivot is under pressure on USDJPY and if this fails then the BEARS could push through and break the supporting trend line shown on the chart. This opens the way for a significant move south as there is little support under here. I've entered this market already at 106.28 with a 25 pip risk. 13:15 GMT sees ADP NOn-Farm Employment Change out of the U.S. which could give impetus to either BULLS or BEARS depending on the print but with Covid-19 restrictions its hard to see this coming out in green numbers, having said that NZD last night did exactly that with their jobs data managing a remarkable 0.7% Employment Change against -0.2% prediction - so who knows?
Short
by theforexportal
Which way for USDJPY over the next several months?On the 3rd of August 1998 USDJPY hit 147.53. In February 2012,14 years later the price hit 76. I remember trading back in January 2010 when the price hit 90 and I was piling on USD LONG trades in the absolute belief that the price had bottomed and SURELY we can't go any lower. I had the same belief when the price hit 80. I remember back in Jan 2012 reading an article online and the author gave his 3 best trading tips for that year and they were BUY USD/JPY, BUY USD/JPY and BUY USD/JPY. All traders trading today and looking at the price of USD/JPY back in 2012 will all wistfully been thinking "why did I close out that LONG trade I had going on USDJPY?". We always do though. Its part of the psychology of trading. We keep losing positions in the hope they will recover and close winning positions scared of the price reversing. SO looking back at USD/JPY as the price sits at 107 where next? As you can see the price is funnelling into a rather pleasing triangle (flag/pennant shape). Its likely to keep doing so for the next few months at least. We are effectively trading in quite a narrow 300 or 400 pip range. Which side of the flag we break out of is anyone's guess but I suspect once its broken out then the price will continue in that direction. When D.J. Trump took office on 12 January 2017 the price of USDJPY was 117 and if we have another 4 years of the narcissist we can expect the price to break out to the south. Should we see Joe Biden win the White House (unlikely) we are more likely to see the USD break north out of this flag and move higher. Its all to play for.
by theforexportal