Relevant articles for you

Video

#SaxoStrats
Brent may have survived the first test of its defences at the the $50/barrel mark, but with Opec running out of firepower and Libya coming back online, it might only be a matter of time. Meanwhile, last-ditch negotiations could rescue Trump's healthcare plan.
Short term
Trade view / 18 July 2016 at 9:36 GMT

UPDATE: Catch the next wave higher in USDJPY at 104.60

Analyst / PIA First
United Kingdom
Instrument: USDJPY
Price target:
Market price:
Background

Dip buying has been in focus for USDJPY, and this sequence for trading looks likely to continue. 

In last week's USDJPY report, we looked at dip buying close to strong support at 101.67-100.57 and the positive outlook on the daily chart suggested 106.20 as a good intraday target.  

We achieved this level (106.31 high) and have now seen a correction lower. 

USDJPY chart
USDJPY D
 Source: Saxo Bank

Intraday – We are now assessed as being in a corrective channel formation that has an eventual bias to break higher. Bespoke support is seen at 104.56, and with heavy intraday Ichimoku Cloud support, this is seen as the prime long entry. The channel base is at 104.36. With a stop below the 38.2% pullback level of 103.89, and a target at 110.70, this makes a solid risk/reward trade this week. 

USDJPY 2
 Source: Saxo Bank

Management and risk description

Parameters

Entry: set long (1 unit) at 104.60.

Stop: 103.50.

Target: 110.70.

Time horizon: One week.

— Edited by D. Deacon

Non-independent investment research disclaimer applies. Read more
18 July
brian1983 brian1983
tat is if usdjpy can come down below 105 for me to long.... still waiting for dip. hope it allows me to board train
18 July
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
good luck Brian
18 July
brian1983 brian1983
haha. thanks

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail