A Yen Rally-Lots Of Action For The USD/JPY!
The early U.S. session has been an active one for the USD/JPY, as it continues to fall out of bed. Current pricing is in the neighborhood o
The early U.S. session has been an active one for the USD/JPY, as it continues to fall out of bed. Current pricing is in the neighborhood of 111.80, near the open of 111.90. We have a long way to go until the close, but if things unfold correctly a Doji candlestick on the daily timeframe is a possibility.
My recommendation for shorting the USD/JPY came into play during the overnight. The 38% Fibonacci retracement, 20 Day EMA and Bollinger Band midpoint have proved valid resistance. A short from the proposed entry of 112.25 has produced over 40 pips after taking serious heat immediately after election.
USD/JPY, Daily Chart
++8_27_2017+-+11_30_2017.jpg)
USD/JPY, Daily ChartSo, are the bears going to rule the day? As of now, it is too early to tell. Wednesday’s release of Japan’s Foreign Investment Stocks coupled with U.S. Personal Consumption statistics have brought action to this market. That is a good thing for us traders, as volatility = opportunity!
If today’s intraday high of 112.47 holds, we may be in a position to revisit the Monday/Tuesday value area near the swing low of 110.83. This scenario is a ways off, but if it comes to fruition there will be a future update outlining potential setups.
There is a live trading signal facing this pair over on the FX Leaders signals page. Be sure to check it out for ideas on how to engage this instrument for the remainder of the U.S. session.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals