Day trade
Trade view / 10 August 2016 at 5:54 GMT

USDJPY signals point lower

partner and technical analyst / 3 c analysis
United Kingdom

Despite posting three higher daily lows and highs in a row, Tuesday’s signals switched to bearish. These have been confirmed, investors selling the market from close to last week’s 102.83 high and below the 13-day average rate for sentiment to deteriorate by almost ¾ Big Fig on the day. 

A small trend of higher daily lows has ended in Asia this morning and with signals continuing to point lower expect a test of this month's lows. 

Management and risk description

Sell an intraday bounce and lower stop to entry if the first target is met.


Entry: sell at market and at 101.60.

Stop: 101.95, today's high in Asia.

Target: 100.20, just above the five-week low and 99.01, June's base.

Time horizon: today only.

USDJPY 8 hourly - recovery to losses
USDJPY Weekly - buyers at 100.00
USDJPY Quarterly - 50% pullback
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
10 August
miros13 miros13
Can you help me please ? Can I see you trade idea on SaxotraderGo ? I mean like in trademaker on desktop version Saxotrader
10 August
Dj TinTin Dj TinTin
Hi Steve short now or hold for the 101.60
10 August
Steve Lucas Steve Lucas
Hi Dj...I've sold part posi at 101.38 and will sell more at 101.60 with a stop at 101.95.
10 August
Dj TinTin Dj TinTin
Thanks Steve
10 August
Michael S. McKenna Michael S. McKenna
Hi Steve, if the target fails to materialise today, but the downward trend continues, will you be holding the trade longer?
10 August
Steve Lucas Steve Lucas
Hi Michael - from a risk management point of view, apart from the weekly call, I hold nothing overnight - if the target is not hit I usually scale back most of the position by UK time - I run the rest until 4pm UK time where I cut whether in profit or not. It just protects me from illiquid overnight movemenrts.....if I still like the terade I reinstate the next day. Hope this helps.


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