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USDJPY Trade Setup (Jan 6)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2016-01-06_11-48-16-UJ3

Dear Traders,

Happy New Year.

I had a long Christmas-NewYear vacation.

Now I am back in position, and monitor the market from Asia.

 

Yen has been super strong for a while, and I don’t see any reason to change the bias.

Perhaps we will need to see another Kuroda Bazooka, to alter the Yen condition.

 

USDJPY pair serves as the basis for all Yen cross pairs.   Thus my first post in 2016 should start with USDJPY.

Here is the Weekly chart.  The price has been in the range bound for several months now.  But in a bigger picture, the current price is only Fib 38.2% level, and Stochastic is reaching down to 25%.

Thus in a few months, I hope the price will turn up.

2016-01-06_11-36-34-UJ1

 

However, looking at Daily chart, it only looks very Bearish.  No way to build the Long setup, even though the current price is at the Support.

The price is will below 21EMA on all timeframes – Weekly, Daily, H4 and H1.

So the price may go down to the next support zone, which is 116.00 level.

2016-01-06_11-38-00-UJ2

 

Now, for a daily bread, I would suggest the following Short trade, from Fib 38.2-61.8%, as shown in Hourly chart below.

2016-01-06_11-48-16-UJ3

118.80 is the nice Role-Reversal resistance.  So I will monitor this level as the sell zone.

The target should be DS2 – 118.26.

 

YJ Baik – Forex.Today @ Tokyo

 

 

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One comment on “USDJPY Trade Setup (Jan 6)”

  1. Profile photo of Artem
        January 6, 2016

    Thank you YJ

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