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Devhuti
Nov 18 2015 at 12:37
posts 94
USD/JPY Takes Another Shot At Overcoming 11-Week High

'Long dollar positions still look attractive for the remainder of 2015 in terms of risk/reward as the BoJ provides downside protection while the Fed's potential liftoff provides the dollar's upside.' - BAML (based on FXStreet)

Pair's Outlook

Although the Greenback appreciated against the Japanese Yen on Tuesday, a new 13-week high was not reached. The pair also failed at breaching the immediate resistance cluster, which could turn the tide today, leading the USD/JPY down to the weekly PP at 122.87. In case the weekly PP fails to hold the losses, a fall towards the cluster around the up-trend is expected. Nevertheless, the US currency has the potential to reach the second resistance just above the 124.00 level, namely the weekly R2 and the Bollinger band. Technical studies are bolstering the possibility of a surge with bullish signals.

Traders' Sentiment

Once again there are exactly three quarters of traders being short the Buck, while the share of sell orders increased from 51 to 53%.



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rob559
Nov 18 2015 at 22:55
posts 1916
alexforex007
Nov 21 2015 at 04:29
posts 774
The Dollar drops versus the Yen below the 123.00 level, but it could go back up if the US fundamentals come back strong.

victoriajensen
Nov 21 2015 at 15:03
posts 1117
I agree, it will probably return to the resistance at 123.70.

Devhuti
Nov 23 2015 at 07:47
posts 94
The USDJPY was indecisive last week. As you can see on my H4 chart below price is trapped between 123.60 – 122.50. We need a clear break from that range area to see clearer direction. A clear break and daily close above 123.60 could trigger further bullish pressure testing 124.00/50 region. On the other hand, a clear break and daily close below 122.50 could trigger further bearish pressure testing 121.50. mail me to shailesh_goswami(at)yahoo(dot)com

alexforex007
Nov 26 2015 at 22:24
posts 774
The USD/JPY is really going sideways, it may be waiting for more news from the US or Japan.

Ari Goldman (arigoldman)
Nov 29 2015 at 12:09
posts 907
Waiting to enter long soon.

Devhuti
Nov 30 2015 at 08:08
posts 94
The USDJPY was indecisive last week formed a Doji on weekly chart. As you can see on my H4 chart below price is still moving inside a range area between 123.60 – 122.20. The bias is neutral in nearest term. I prefer a bearish scenario at this phase but need a clear break below 122.20 to confirm the bearish scenario testing 121.50 or lower. On the upside, 123.60 remains a key resistance. A clear break above that area could trigger further bullish pressure testing 124.00/50 region.

Ari Goldman (arigoldman)
Dec 06 2015 at 13:07
posts 907
Devhuti
Dec 07 2015 at 08:03
posts 94
The USDJPY had another indecisive movement last week. As you can see on my H4 chart below price is still trapped between 123.60 – 122.20 range area. Overall I prefer a bearish scenario at this phase but need a clear break below 122.20 to confirm the bearish scenario. On the upside, key resistance remains around 123.60 which is a good place to sell with a tight stop loss as a clear break and daily close above that area could trigger further bullish pressure testing 124.50 area or higher.

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