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)
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.
Once again there are exactly three quarters of traders being short the Buck, while the share of sell orders increased from 51 to 53%.
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
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.
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.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.