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Usdjpyprediction

USDJPY dropping nicely, remain bearishSell below 114.07. Stop loss at 114.77. Take profit at 112.90. Reason for the trading strategy (technically): Price continues to drop nicely from our selling area. We remain bearish below 140.07 resistance (Fibonacci retracement, horizontal overlap resistance). We also tighten our stop loss to 114.77 to protect our profits. Profit target is at 112.90 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing pullback resistance at 69% which corresponding to the reaction we are seeing off 114.07 in price. We hope to see a stronger reaction for a further drop.
Short
by theforexarmy
USDJPY profit target reached perfectly again, time to buyBuy above 112.58. Stop loss at 112.21. Take profit at 113.75. Reason for the trading strategy (technically): Price has dropped perfectly and reached our profit target from yesterday. We turn bullish above 112.58 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to 113.75 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) is seeing strong support which is signalling to a price bounce.
Long
by theforexarmy
USDJPY profit target reached, prepare to sellSell below 113.95. Stop loss at 114.95. Take profit at 112.56. Reason for the trading strategy (technically): Price has reached our profit target perfectly. We now turn bearish below 113.95 resistance (Fibonacci retracement, horizontal resistance) for a drop down to 112.56 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing strong resistance below the 94% level. Reason for the trading strategy (fundamentally): The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bearish USDJPY trade.
Short
by theforexarmy
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