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Day trade
Trade view / 15 June 2016 at 6:09 GMT

Profit taking likely as intraday signals improve for USDJPY

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: USDJPY
Price target:
Market price:

This week’s signals are bearish, but with daily sentiment oversold at the 200 week average rate, as well as being close to May’s 1½ year low, the dip has been bought for sentiment to recover.

Bears are cautious at this relatively important downside target. Although buying has not provided a clear bullish reversal pattern, intraday signals have modestly improved. This should lead to some temporary profit-taking buying.

Management and risk description

Buy dip and raise stop to entry if the first target is met.


Entry: market and ¥105.67, yesterday's low.

Stop: ¥105.18, the October 2014 base.

Target: ¥106.75, a 50% recovery to the losses posted since last week's high and ¥106.96, this week's top.

Time horizon: Today only

USDJPY 4 hourly - recovery to losses

USDJPY Weekly - 200 week average

USDJPY Quarterly - lower highs

CHARTS: CQG. Create your own charts with SaxoTrader; click here to learn more. 

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— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more


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