The USD/JPY Set to Bounce: Watching 109 - Forex News by FX Leaders

The USD/JPY Set to Bounce: Watching 109

Posted Monday, August 21, 2017 by
Rowan Crosby • 1 min read

The Yen has been trading beautifully between the round number levels over the last few weeks and has given traders plenty of opportunities.

This is another week where I feel that the round numbers are going to play a role in looking for longer term moves. The symposium at Jackson Hole is going to steal most of the attention this week, both in terms of news and in the minds of traders. When there’s something big on the horizon I find that moves don’t quite have the follow through that they might otherwise have. This gives us an opportunity.

Yen Monday

Trade Idea

I want to play off the 109 level for the next day or two. I’m looking for a bullish close above 109 and a test below. So that might be a bullish candlestick like a hammer with a close above 109.

That’s going to give us an opportunity to rally and I expect there to not be enough sellers to hold this down. Of course, any fundamental news will change this trade idea. While news and economic data is light though, and traders await Jackson Hole, this level might give us some scalp opportunities.

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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