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USD/JPY slips to monthly S1 at 112.04USD/JPY slips to monthly S1 at 112.04 Contrary to trade patterns theory, the currency rate did not make a breakout from the falling wedge formation to the north. Moreover, the safe haven Yen was quoted higher despite release of disappointing trade data. For this reason, the fall of the rate was most likely based on worries about vote for the new tax reform and Merkel’s failure to form a new government. On the one hand, the fact that the monthly S1 located at the 112.04 level sustained under such heavy pressure indicates on an upcoming recovery of the buck, which will tend to reach the 112.62 mark. This scenario is partially supported by the aggregate market sentiment, which is 59% bullish. On the other hand, the falling moving averages are likely to continue pushing the pair to the bottom in the nearest future.
by UnknownUnicorn890690
USD/JPY moves to south as expected USD/JPY moves to south as expected As it was expected, the currency exchange managed to break below both the psychological 113.00 level as well as the weekly S1 located at 112.86. A release of better than expected American retail sales and inflation data did not ruin this achievement. In contrast, it simply accelerated a rebound from the bottom trend-line of the currently active descending channel. Generally, the exchange rate is expected to resume the movement upwards. However, there is a little chance that it will manage to climb above new combined resistance set up by the monthly PP and the falling 55- and 100-hour SMAs. To put it differently, the pair is expected to make another rebound and continue heading to the south. The main factor that might alter this assumption will be the upcoming US release of manufacturing data.
by UnknownUnicorn890690
USD/JPY trades in descending channelUSD/JPY trades in descending channel During previous trading session the currency exchange rate expectedly approached and made a rebound from the upper-boundary of the current descending channel. As a result, now the pair is expected to continue moving to the bottom. This direction is also supported by the fact that the 55- and 100-hour SMAs are located above the current market price. Nevertheless, deprecation of the Yen might be hampered if bears fail to push the pair through the monthly PP at 113.25. In addition to that, there is a need to take into account existence of a junior ascending channel that formed as a part of the larger pattern and might also obstruct the further plunge. Finally, some volatility in the markets might also be caused by a speech that will be delivered by Bank of Japan Governor Kuroda at the University of Zurich.
by UnknownUnicorn890690
USD/JPY approaches 113.80USD/JPY approaches 113.80 New trading week the currency rate stared in a limbo between the 200-hour SMA from the bottom and a combination of the weekly PP, the 55- and 100-hour SMAs from the top. Such neutral movement reflects anticipation of the Bank of Japan Policy Rate announcement. But since there is high probability that the central bank will left the monetary policy unchanged, the pair is not expected to act unpredictably. Such assumption is partially supported by presence of two extremums, which have already forced the rate to make a rebound more than once. The first is located near the 114.30 mark, while the other at the 113.34 level. A breakout through one of these barriers is likely to follow after the FOMC Statement, which will be delivered on Wednesday.
by UnknownUnicorn890690
USD/JPY fails to surge above 114.20Morning outlook - USD/JPY fails to surge above 114.20 Although the currency exchange rate was fluctuating in an ascending triangle, releases of better than expected American data forced the pair to stop testing the weekly R1 at 114.19 and make a breakout in the southern direction. As the rate has already passed through the 55- and 100-hour SMAs, it is expected to continue the plunge. However, there are two support barriers on the way that might turnaround the pair one more time. The first one is located between the 113.25 and 113.21 marks, while the second one represents the rising 200-hour SMA. Daily chart suggests that the pair will not manage to slip below the 113.00 level, as that that area represent location of the lower support line of the dominant rising wedge pattern.
by UnknownUnicorn890690
USD/JPY - 25/10/2017The Yen grew up and totally absorbed the previous fall of the price, which is a good bullish signal. Moreover, the growth of the price was on increased volume, so now we should give preference to long positions. We can enter the market after the resumption of the upward move supported by increased/large volume. This will be a sign for the continuation of the growth. A stop loss should be placed below the level 113.50. A potential of the deal is 100-110 pips. The bottom line: long positions are in priority
Long
by trustbrokergroup
USD/JPY trades near 111.88Morning outlook - USD/JPY trades near 111.88 In accordance with expectations, the currency exchange rate continued to move to the south within one-week long descending channel. The further deprecation of the buck was supported not only by the pressure of 55-, 100- and 200-hour SMAs that were moving along the pattern’s upper boundary, but also by the increased US CPI and ongoing war of words between the US, North Korea and Iran. At the moment, the northern side is additionally protected by the updated weekly PP at 112.13, while the southern side lacks of any notable technical barriers up until the weekly S1 at 111.43. These facts as well as the 56% bearish market sentiment suggests that in the nearest future the currency rate most probably is going to continue to move to the bottom.
by UnknownUnicorn890690
USD/JPY SELL STOP - 16/10/2017 The pair finally has broken down the lower boundary of the consolidation and is trading below it. The move was sharp and supported by large volume, which is a good bearish signal, but we should note that volume was concentrated at the bottom of the fall and the new support level was created. It is 111.73 - 111.86. So we can open short positions after a sure breakdown of this level on increased volume. A stop loss should be placed above the breakout volume bar. A potential of the fall is more than 100 points. The bottom line: short positions after a breakdown of the support
Short
by trustbrokergroup
USD/JPY fails to break above 111.26 two timesMorning outlook - USD/JPY fails to break above 111.26 two times In line with expectations, until a release of data on the US Retail Sales the currency pair spent in an upward movement. In the process, it made two attempts to break above the monthly R1 at 111.26 but both of them failed. Due to pressure from the approaching 55- and 100-hour SMAs as well as existence of a recently formed ascending channel, the pair is expected to eventually break through that barrier. An aggregate of technical indicators supports this scenario, sending strong buy signals. Nevertheless, a possibility of a third rebound and subsequent dissolution of the channel also remains on the table.
by UnknownUnicorn890690
2
USD/JPY slips on fears of Kim Jong-unMorning outlook - USD/JPY slips on fears of Kim Jong-un Over the last couple of weeks, movement of the USD/JPY currency pair was strongly affected by news coming from the Korean peninsula. The same thing happened today as well. In result of a successful test of a hydrogen bomb, the Yen started to actively recover against the Greenback. These growing fears drove the pair straight through a combination of the weekly and monthly PP around 109.75 as well as the 100- and 200-hour SMAs. As a result, now the rate has no any obstacles on its way up until the updated weekly S1 at 108.80. Consequently, the bears are expected to continue to dominate the market at least until the pair will encounter the above support.
by UnknownUnicorn890690
USD/JPY falls as North Korean crisis escalatesMorning outlook - USD/JPY falls as North Korean crisis escalates In result of a new ballistic missile test conducted by North Korea, the American Dollar lost 0.57% against the Japanese Yen just in two hours. Accordingly, in the first half of Tuesday the buck is expected to try to recover some of the lost value. However, even if it succeeds to break through the upper boundary of a junior descending channel, the pair most likely will fail to climb above 109.28, as this resistance level is reliably protected by a combination of the weekly PP and the 55-, 100- and 200-hour SMAs. In addition, there is a need to take into account another fundamental event that will happen at 14:00 GMT, i.e. a release of data on the US CB Consumer Confidence.
by UnknownUnicorn890690
USDJPY first profit target reached, remain bullish for a riseBuy above 109.27. Stop loss at 108.71. Take profit at 110.28 and 111.66. Reason for the trading strategy (technically): Price has bounced nicely above our buying area and reached our first profit target level. The plan today is for us to remain bullish above major support level at 109.27 (Fibonacci retracement, Fibonacci extension, price gap) towards the first target level of at least 110.28 resistance again (Fibonacci retracement, horizontal pullback resistance) before a further rise up to even 111.66 resistance (Fibonacci retracement, horizontal swing high resistance. Stochastic (55,5,3) is bouncing nicely above our 4.1% support and has good upside potential.
Long
by MEX_Exchange
1
USDJPY finally filled its price gap, time to buyBuy above 109.27. Stop loss at 110.28. Take profit at 108.71. Reason for the trading strategy (technically): Price has dropped strongly and has reached a major support level at 109.27 (Fibonacci retracement, Fibonacci extension, price gap) and we expect a correction above this level to at least 110.28 resistance (Fiboancci retracement, horizontal pullback resistance). Stochastic (34,5,3) is seeing major support above 4.1% where we expect a strong bounce from. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
USDJPY profit target reached perfectly once again,prepare to buyBuy above 110.25. Stop loss at 110.03. Take profit at 111.15. Reason for the trading strategy (technically): We remain bullish looking to buy above major support at 110.25 (Fibonacci extension, horizontal swing low support) for a push up to at least 111.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing major support above 4% and we expect a strong bounce above this level. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
USDJPY profit target reached perfectly once again,prepare to buyBuy above 110.25. Stop loss at 110.03. Take profit at 111.15. Reason for the trading strategy (technically): Price has shot down and reached our profit target perfectly. We prepare to buy above major support at 110.25 (Fibonacci extension, horizontal swing low support) for a push up to at least 111.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing major support above 4% and we expect a strong bounce above this level. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
USDJPY profit target reached perfectly, time to start sellingSell below 111.62. Stop loss at 112.18. Take profit at 110.49. Reason for the trading strategy (technically): Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 111.62 (Fibonacci retracement, minor pullback resistance) for a drop towards at least 110.49 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is approaching major resistance at 94% where we have seen price react off multiple times historically. Correlation analysis: We’re expecting general JPY weakness with drops expected on EURJPY and USDJPY.
Short
by MEX_Exchange
2
USDJPY approaching profit target, prepare to buy above major supBuy above 110.21. Stop loss at 109.72. Take profit at 111.43. Reason for the trading strategy (technically): Price has been dropping perfectly towards our profit target. We prepare to buy above major support at 110.21 (Fibonacci extension, horizontal swing low support, bullish divergence) for a push up to 111.43 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) is displaying bearish divergence vs price signalling that a bounce is impending. Correlation analysis: We’re expecting general JPY weakness on AUDJPY and USDJPY so this goes in line with our view. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labor conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of an decrease which means a bearish USD is expected, this goes against our bullish USDJPY view hence it is best to exercise caution on this trade.
Long
by MEX_Exchange