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Day trade
Trade view / 09 June 2016 at 6:02 GMT

Temporary bounces look likely for USDJPY

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

This week’s signals have pointed to staying short and selling the rally. This is so far proving correct as initial gains of almost 1½ Big Figs have been mostly given up.

Although this is negative, bears are likely to remain cautious with prices testing May’s more than 1½ year low at ¥105.53 and bounces are likely. These should be temporary though, and signals for today point to staying short and selling into any strength.

Management and risk description

Allow room to sell rally and lower stop to entry if the first target is met.

Parameters

Entry: market and ¥106.98, today's open in Asia.

Stop: ¥107.39, yesterday's high.

Target: ¥106.00 and ¥105.53, this year's base.

Time horizon: Today only.
















USDJPY 8 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.


— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more

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