USDJPY is printing small ranges. The pair has consolidated in the ascending triangle, then has broken up and returned to test the break out point. Continuation from the current level of the move up is expected. SL is 110.5, TP at 113.
iggy_ua's Blog
USDJPY
USD has gained strength in the recent few days. Is it a beginning of reversal? In my opinion a further consolidation is expected. Looking at the daily USDJPY chart it's obvious that the price still sits in the box. A major resistance at 108 is coming. Its fair to expect a test of this level. A breakout will open the way to futher JPY decline. A trade from the top of the range is preferred to my trading style.
USDJPY
In anticipation of US retail sales data, its worth to have a look at USDJPY action. The pair was fluctuating in a range of 107-115 in the recent months. The pending retail sales data could give a boost to a stallen movement in the pair. Recently the price consolidated in a descending channel. The most expected move from a current 112.2 level is a break of the downward sloping trendline at retest of the upper channel boundary at 113.5. A SL to be placed at 111.7.
USDJPY 1st June 2016 forecast
USDJPY is in a clear down trend despite continuing monetery easying. as of 19 Apr the price sits at a 200 EMA on a weekly chart. On a monthly chart the next support level arises at 106.6 and a next technical support at 105. The expected price action is that the price follows its down trend until 1June and will pierce the support line at 105 and come back to the 0.382 fibo line at 106.6. Further in the year the price might fall to the 50% retracement at 100.6.
USDJPY forecast
USDJPY has produced a surprise drop yesterday. Actually, it was not unpredicted. Last month after the BoJ slashed the interest rate to negative I posted a blog to be cautious with JPY shorts. However, the strength of JPY expended further than I would anticipate. Yesterday I tried to call a bottom of the USJPY fall and sustained losses. Again, very dangerous to trade such strong moves. Reversals will evolve very slowly.
The weekly and daily USDJPY charts show that the pair has broken the support …
The weekly and daily USDJPY charts show that the pair has broken the support …
USDJPY saga
no change in the near terms USDJPY destiny so far. the price shoot up to the range top. expect another leg down to retest the bottom. definitely, the move up also is on the radar. no long-term positions yet
USDJPY again
usdjpy retested 117.2. the pair is still in a wage position. the move up is limited by resistance of 118.25. moving avareges are also providing a downward preassure on the pair. either trade the flat boundaries or wait for a break with a confirmation. recent price action suggests the pair can not break 118. the breakdown might be in sight
Forecast USD / JPY
the currency pair USD/JPY is oversold, but I would not rush to buy it. i general , the forex market awaiting significant unexpected moves in the next month. the positions of the traders are one-sided with 67% traders holding USDJPY long positions. this might indicate a further strengthening of JPY against USD. supposedly, the pair will remain sidebound with no major movements in contrast to the rest of the forex world. suggestion to stay away from the pair until ATR increses