Short term
Trade view / 02 June 2016 at 12:00 GMT

Chart says USDJPY retracement is over, sellers returning

Technical Analyst / FuturesTechs
United Kingdom
Price target:
Market price:

USDJPY has been rallying/recovering since the low on May 3, and formed a "rising wedge", as shown on the daily chart below. This was "resolved" yesterday with a downside break that says the sellers are now back in charge. Support at 109.10 is now under fire.

Management and risk description

Move stop to entry once the trade is 50 ticks onside.


Entry: Sell at market (currently 108.95) and/or a rally to 109.30

Stop: Above 109.66

Targets: 107.80 on half, 105.60 on the balance.

Time horizon: 1-2 weeks

USDJPY daily chart showing the rising wedge
Source: CQG Inc 

USDJPY weekly chart
 Source: CQG Inc

— Edited by John Acher

Non-independent investment research disclaimer applies. Read more

03 June
E.B.Babu E.B.Babu


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