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Squawk / 05 January 2017 at 16:22 GMT
Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
USDJPY - Double top targets 113.50
Expected lower levels today were confirmed by an aggressive decline in USDJPY sentiment. This downward move is likely to confirm the formation of a Double Top pattern (a NYK close below 116.04 is needed) and break of the key 13 day moving average. This negative formation targets 113.50 in the coming days.
3y
Andrew Perkins Andrew Perkins
Alan will the payroll data tomorrow effect this trade? ??
3y
AlanCollins AlanCollins
Bound to have some sort of impact Andrew but this analysis is based entirely on technical signals and so although caution needs to be applied ahead of the data, we're comfortable with a negative bias
3y
Andrew Perkins Andrew Perkins
As they say technical is better than waiting for news to come out, thanks for info we will wait for NY to close
3y
ldan ldan
Hi Alan, "NYK close below 116.04" do you mean USDJPY close on Japan market time?
3y
AlanCollins AlanCollins
Idan - we use the NYK close as10 pm London time for consistancy
3y
ldan ldan
Sorry I'm new to the term. What does NYK stands for?
3y
AlanCollins AlanCollins
sorry I shouldn't take it for granted that everyone knows the short versions. Its New York.Idan
3y
ldan ldan
Thanks Alan
3y
Morris Morris
How do you arrive at the target of 113.50?
3y
Steve Lucas Steve Lucas
A double top is measured by taking the distance from the top to the interim low (118.66 - 116.04 = 260 pips) and using that distance from 116.04 (116.04 - 260 = 113.44). However, as this pattern occurred the day befor US Payrolls it had to be treated with the caution it deserves.
3y
Morris Morris
Short term Yen strength agreed to and 113 as short term target. An alternative method used to arrived at the target. Nice stuff. Thanks
3y
ldan ldan
Hi Alan, After the NFP Friday bullish move, does your system reverse the indicator from bearish to bullish? The chart looks quite different now. Please see if can advice the levels to watch on USD/JPY. Thanks a lot.
3y
Steve Lucas Steve Lucas
Hi Idan - yes signals have changed - levels to watch are now 118.61 and 119.50 on the topside abd 116.17, 114.73 and 112.88 on downside. We are very cautiously bullish going into this week, but last week's unchanged close and outside week (the market posted both a higher high and a lower low) suggests indecision. We therefore prefer keeping trades short-term.
3y
ldan ldan
Thanks Steve

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