Is that a Triple Top in the USD/JPY? - Forex News by FX Leaders

Is that a Triple Top in the USD/JPY?

Posted Monday, October 9, 2017 by
Rowan Crosby • 1 min read

The USD/JPY has tried (and failed) three times at trying to break through the 113.00. On Friday its final attempt was flaunted by U.S. non-farm payroll data which put a big smack-down on the USD.

However what is interesting is that even though we have got a real uptrend in place on the U.S. Dollar Index, the USD/JPY seems to be lagging. That tells me that there is still some buying interest around in the Yen. That might be because of fears surrounding North Korea or even political ones close to home.

Regardless, 113.00 has held up quite well. While maybe not a triple top to the letter of the law, 113.00 has been strong. Long term I don’t want to be faded a strong USD, and I don’t expect a big decline. 112.00 might be as far down as we push. However, if we get another opportunity I will look for short-term scalps at 113.00.

 

Yen

USD/JPY – 240 min Chart.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of