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U.S. Dollar / Japanese Yen

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USDJPY trade ideas

#USDJPY it's possible to buy#USDJPY waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 129.314 Next Zone area & horizontal swing Low support 1st Resistance 137.654 Zone area & horizontal swing high resistance
Long
by Skandhatrade
USDJPY rebound has limited upside roomUSDJPY bounced off 131.25-50 horizontal support area despite multiple failures to cross the 50-DMA, not to forget the monthly resistance line. The recovery moves, however, appear to lack support from the oscillators, which in turn suggests another play of inability to cross the aforementioned key hurdles. Even if the quote manages to cross the one-month-old resistance line and the 50-DMA, respectively near 134.60 and 135.30, the monthly high around 135.60 and June’s peak of 137.00 will be tough challenges for the pair buyers to keep the reins. Meanwhile, a four-month-old horizontal support area close to 131.25-50, comprising the 100-DMA and 61.8% Fibonacci retracement of May-July upside, becomes a tough nut to crack for the USDJPY bears. In a case where the pair drop below 131.25, the monthly bottom of 130.40 and the 130.00 psychological magnet will be important supports for the sellers to watch. Overall, USDJPY consolidates the previous monthly fall but the road to the total recovery is a bumpy one.
by MTradingGlobal
#USDJPY it's possible to buy#USDJPY waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 129.314 Next Zone area & horizontal swing Low support 1st Resistance 134.151 Zone area & horizontal swing high resistance
Long
by Skandhatrade
#USDJPY it's possible to buy#USDJPY waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 129.314 Next Zone area & horizontal swing Low support 1st Resistance 134.151 Zone area & horizontal swing high resistance
Long
by Skandhatrade
#USDJPY it's possible to buy#USDJPY waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 129.314 Next Zone area & horizontal swing Low support 1st Resistance 134.151 Zone area & horizontal swing high resistance
Long
by Skandhatrade
#USDJPY it's possible to buy#USDJPY waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 129.314 Next Zone area & horizontal swing Low support 1st Resistance 134.151 Zone area & horizontal swing high resistance
Long
by Skandhatrade
USDJPY bears battle with key supportsUSDJPY renews its six-week low while extending the downside break of a five-month-old ascending trend line, as well as the 50-DMA. However, the pair’s further declines appear less convincing as the nearly oversold RSI and proximity to the horizontal support zone from late April, around 131.50-25 challenge the bears. Even if the quote drops below 131.25, a convergence of the 38.2% Fibonacci retracement (Fibo.) of March-July upside and the 100-DMA, around 130.00, could act as an additional filter to the south. It’s worth noting that the pair’s sustained south-run below 130.00 could make it vulnerable to drop towards the 50% Fibo. level surrounding 127.00. Meanwhile, recovery moves might initially aim for the 50-DMA hurdle close to 134.35. Following that, the previous support line from March, around 135.80, could challenge the USDJPY buyers. In a case where the bulls keep reins past 135.80, the 137.00 mark appears the intermediate halt before challenging the recent multi-month high near 139.40 and the 140.00 psychological magnet. Overall, USDJPY bears seem to run out of steam as they’re close to important support levels.
by MTradingGlobal
USDJPY breaks key support before Fed’s preferred inflation gaugeUSDJPY broke a five-week-old support line, as well as a horizontal area around 134.25 that comprises the levels marked since June 17, to refresh the monthly low near 133.75. It’s worth noting, however, that oversold RSI conditions challenge the bears ahead of the US PCE Price Index for July, the Fed’s preferred inflation data. However, the corrective pullback needs validation from the immediate horizontal support-turned-resistance around 134.20, as well as the ascending trend line from June 23, near 135.75, to recall the buyers. Even so, the 200-SMA near 136.20 will test the upside momentum. On the contrary, the pair’s further downside aims at the 78.6% Fibonacci retracement of the June-July upside, around 133.15. Following that, the 131.50-25 area comprising mid-June lows and highs marked in April, as well as in May, will be a tough nut to crack for the pair bears. It’s worth noting that the pair’s sustained declines past 131.25 could make it vulnerable to revisiting May’s low around 126.35. Overall, USDJPY recently broke the crucial support but the odds favoring further downside are fewer.
by MTradingGlobal