USD/JPY: 109 down, 110 to go - Forex News by FX Leaders

USD/JPY: 109 down, 110 to go

Posted Thursday, September 7, 2017 by
Rowan Crosby • 1 min read

Yesterday I spoke about how I really liked the long term support level at 109 in the Yen. It’s been holding up over a fairly long period of time despite multiple attempts the break it.

Of course the more we test a level the more it is likely to break. However I felt that the recent attempts on 109 have all been on the back of North Korean news. Whenever there is a degree of uncertainty in the world money flows into the Yen as a risk-off type trade.

Yen

Has the Retrace Got Legs?

Yesterday we saw that the USD managed to retrace some of the losses it suffered in Tuesday’s trading session. The first target I had in mind was 109 which me managed to take out. The next is 110.

I’m interested in how the USD reacts when American traders come online. If we get a hint of further retracement, I’ll be looking to buy for a move to 109.50 then potentially 110.00

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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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