Day trade
Trade view / 12 August 2016 at 5:43 GMT

Watch for temporary USDJPY counter-trend bounce to roll on

partner and technical analyst / 3 c analysis
United Kingdom

With bearish signals confirmed in each of the previous two days, yesterday’s signals switched to bullish. These too have been confirmed with a ¾ Big Fig rally.

Although this is positive and a small sequence of lower daily highs has been ended, prices on the week are unchanged and with this following last week’s unchanged close intraday signals lack a strong trend.

There is scope for this correction to continue on Friday though as signals remain positive.

Management and risk description

Allow room to buy the dip and raise stop to entry if the first target is met.


Entry: buy at market and at 101.82, just above today's low in Asia.

Stop: ¥101.51, just below yesterday's Marabuzo line.

Target: ¥102.83, the August 2 high and ¥103.28, a 38% recovery to July's losses.

Time horizon: Today only.

USDJPY 8 hourly - recovery to losses

 USDJPY Weekly - buying near 100.00

USDJPY Quarterly - 50% pullback

Charts: CQG. Create your own charts with SaxoTrader; click here to learn more.

For more on forex, click here.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more


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