Day trade
Trade view / 14 September 2016 at 6:10 GMT

USDJPY moves up on positive Asian sentiment

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

Asia has seen a rekindling of sentiment for the USD over the JPY this morning with gains above the 13 and 50 day average rates. This has left a bullish bias to signals.

Management and risk description

Ichimoku Cloud Cover is close by so allow room to buy the dip. Raise the stop to the entry point if the first target is met. Targets may be updated as the day progresses.

Parameters


Entry: Buy at market and 102.56, today's open in Asia.

Stop:
102.30, a 50% pullback to this week's gains.

Target:
103.81, the September 6 high and 104.32, September's top.

Time horizon:
Today only.


 
USDJPY 4 hourly - September's losses












USDJPY Weekly - recovery to losses
 
USDJPY Quarterly - 50% pullback
Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
1y
AlexF AlexF
Hi Steve thanks for that got in as well yesterday. Any pull back level to add into the position ?
1y
Steve Lucas Steve Lucas
Hi Alex - I was going to buy the pullback at 102.56, today's open in Asia, but by the fact that we have gone straight up I am less likely to do so....In fact I just took a little off here even though I think a strong us$ should remain today
1y
AlexF AlexF
On EURUSD what is your PT after yesterday;s 1.1209 rebound looking to short it
1y
Steve Lucas Steve Lucas
I'll update if anything changes - we are testing cloud cover here at 103.45
1y
Steve Lucas Steve Lucas
My partner Alan trades the eurusd....at mom its trading a 3rd day inside Friday's range and at its 13 & 100 day average rates so I believe he's waiting for a breakout
1y
AlexF AlexF
Thanks Steve
1y
AlexF AlexF
got out at 102.92 Please Steve what are your thoughts for re entry ? 102.6 (1hour MAV) ?
1y
Steve Lucas Steve Lucas
I WAS LOOKING AT 102.56, but holding off
1y
Dj TinTin Dj TinTin
are we still holing or get into the trade ?
1y
Steve Lucas Steve Lucas
I', still holding small long -
1y
Dj TinTin Dj TinTin
we looking for the 200 MA to be hit 1st
1y
Steve Lucas Steve Lucas
200 day is at 110.00
1y
Dj TinTin Dj TinTin
LOL had my chart on Hour not daily
1y
Steve Lucas Steve Lucas
haha do it all the time myself !!
1y
Dj TinTin Dj TinTin
GBPUSD the uk data today has not moved the pair much
1y
Dj TinTin Dj TinTin
102.56 hit I'm in but not looking to make much
1y
Steve Lucas Steve Lucas
short us int rate futures rallying a bit here, so $ may come under pressure...I've closed mine
1y
Pandorra Pandorra
Nah... Looks like favorite Steve' game 'catch my stop loss guys, again'
Second UJ stop loss in a row, in a single day. Very scattered trade views. I'm very disappointed.
1y
Steve Lucas Steve Lucas
Yes it happens, thanks for the constructive comments. If you have been watching me you would have noticed my success rate over a lomg period is high - losses are part of trading, so with that disappointment. If you have been watching me for two days, then I apologise.
1y
BertHH BertHH
Hi Steve, yes thank you very much! I am daily enjoying your brilliant trade ideas and comments. It has a great value and impact for me as a daytrader.

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