Yen: Buying Pullbacks is On - Forex News by FX Leaders

Yen: Buying Pullbacks is On

Posted Wednesday, November 8, 2017 by
Rowan Crosby • 1 min read

The USD/JPY has continued its battle with the 114.00 and 114.50 levels. Yesterday I spoke about my opinion on the best course of action, which was to buy on weakness. Sure enough, we came off the highs near 114.50 and subsequently bounced back again during the US session.

Our forex signals subscribers managed to snag a great trade and locked in some solid pips.

The plan for today is going to be similar. Although we have already had a bit of weakness since Asian trade kicked off. We can be buying around the 113.75 level, however, I really am looking to see some kind of confirmation of a price reversal.

So that would be some type of bullish candle, that is letting me know, the buyers are coming back into the market. At the moment, the sellers are in control and we haven’t had all that much green.

 

Yen

USD/JPY – 240 min Chart.
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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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