Article / 19 December 2012 at 7:13 GMT

USDJPY - Towards 'measured move' but open gap is still a concern

Analyst / First 4 Trading

United Kingdom

We called for mixed signals in USDJPY yesterday and this proved correct with all trading within Monday’s range (84.37-83.61), an indecisive Inside Day. We have left ‘the window open’ which is a cause for concern (needs to trade to 83.52 to close). Although overnight price action has resulted in the pair trading to a new a 20-month high, mild profit taking has been posted. A measured move would take the pair to 85.46 and this is the level we will focus on. Our first support is located at 83.94 and we will look for a dip today (from the high) to get long. Bullish Bias – looking for buy signals at at 83.94 (with stop at 83.82).

The profit targets will be: 84.44, 85.00 and towards 85.46.

Support levels are: 83.94, 83.82 and 83.52.

USDJPY 4hr

USDJPY Daily

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 our trading 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

TV

What can stop the USD's march higher?

USDJPY - Towards 'measured move' but open gap is still a concern

Disclaimer