Getting Ready to Buy USD/JPY at the 109 Level

USD/JPY made a turnaround yesterday, surging over 100 pips. The lows have been getting higher since the beginning of the week.


USD/JPY made a turnaround yesterday, surging over 100 pips. The lows have been getting higher since the beginning of the week, as the market was awaiting the FED meeting to make its move.

The FED meeting took place yesterday evening, and the market began jumping in on USD/JPY immediately following. Sellers had reached their target at 108 lows, which has been a long term support area.

The 109 level I’m looking at

It looks like the trend is reversing, and the price is currently retracing lower. We have reached the 50 SMA on the H4 chart, and the 100 SMA on the H1 chart.

109 is currently the best place to look for longs, being that it is a big, round level, so traders are interested in it. The 20 SMA is waiting right there on the h4 chart. It had provided support during the move down, and should now become resistance.

ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers