Time to Go With the Momentum in the JPY
Rowan Crosby•Tuesday, November 28, 2017•1 min read
The last week or so has really seen a big change in momentum in the USD/JPY. Not that long ago we were incredibly bullish and taking out the highs of 114.50. As it stands now, things are very different.
The USD has fallen away thanks to a dovish outlook from the FOMC. While the JPY has been gaining some steam against most other currencies across the board.
With that in mind, I think the best play now is to ride that momentum and look for pullbacks. I will be targeting the 111.50 level for a place to look for a short. If we break much higher then we will likely pullback into the range. I would like to see a bearish candle that looks like there are sellers.
Otherwise, a break below 111.00 and a pullback, would be another solid plan.
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
See More
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
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Add 3442
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals