114 Keeps Holding in the Yen: What’s the Plan? - Forex News by FX Leaders

114 Keeps Holding in the Yen: What’s the Plan?

Posted Thursday, October 26, 2017 by
Rowan Crosby • 1 min read

I’ve been loving the Yen trade lately. If you recall, we had a massive surge in the USD on Friday and since that point, it’s been all action in the Yen, after the Japanese election over the weekend.

I’m bullish on the USD/JPY and what keeps happening is that we keep testing the 114.00 level. In recent weeks we kept on testing 113.00 until it finally broke through. That said we needed something fundamental to happen for that to occur.

With that in mind we have two options:

  • Sell a push through 114
  • Buy ahead of a move into 114

I actually like the later plan here. The reason being that there are a few great levels to keep buying and overall the USD is bullish and the Yen is weak. 113.50 and 113.00 hold up really well and have clearly been big technical levels so I will keep looking to buy and use 114.00 as a take profit region.

 

Yen

USD/JPY – 240 min Chart.
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