The USD/JPY remains in a bullish Directional Bias on the
daily chart as the yen continues its rally against the dollar. The U.S. Dollar
Index sunk below 75.00 as price have continued the slide lower in the downtrend
that has consistently seen selling pressure between the 20 period SMA and 34
period EMA low.
The daily USD/JPY tests buying support at the 34EMA Wave as the market
trend has maintained its bullish Directional Bias.
*Results are not guaranteed, individual experiences may
vary. Past performance is not indicative of future results.
The Thursday session low at 82.95 shows that there is buying
support at the major psychological level which extends five pips above and below
the “00”. Since prices have rebounded back above 83.00, there is a intraday
rally that is beginning to show near-term strength across the five and
15-minute time frames. The upside hurdle will be the 83.50 level.
Watch for pullbacks on the 15-minute time frame at 83.36 for
swing buying opportunities and as long as prices can maintain the “twelve to
two o’clock” angle of the Wave, there daily chart could have made the
correction that will now allow the overall uptrend to resume.
The 23.6% Fibonacci Retracement on the daily USD/JPY level is an
important hurdle for the uptrend continuation.
*Results are not guaranteed, individual experiences may
vary. Past performance is not indicative of future results.
The dominant sentiment, momentum, and trend is still bullish
on the daily chart, therefore I believe any shorts entries should be limited to
the five, 15, and 30-minute time frames. Consider however that the five and
15-minute time frames are in uptrends and the 30-minute is currently neutral.
As long as prices can maintain support near-term above 83.20 look for intraday
upside continuation. The 83.00 level will be important to the daily trend as it
is not only a whole number level but also where the 20 period SMA is waiting.
*Forex trading is one of
the riskiest forms of investment available in the financial markets and
suitable for sophisticated individuals and institutions. The possibility exists
that you could sustain a substantial loss of funds and therefore you should not
invest money that you cannot afford to lose. Read the full risk disclaimer and
privacy policy on trading at http://www.ibfx.com.
Raghee Horner, chief currency analyst for IBFX, provides her personal daily trading tips and insights through Dailyforextradingedge.com. An experienced trader with over fifteen years in the markets, Raghee is the co-founder of EZ2Trade Software and has taught her brand of technical analysis and charting strategies to students all over the world. She is an international author and has taught currencies, futures, and equities trading for over a decade.
The USD/JPY remains in a bullish Directional Bias on the daily chart as the yen continues its rally against the dollar. The U.S. Dollar Index sunk below 75.00 as price have continued the slide lower in the downtrend that has consistently seen selling pressure between the 20 period SMA and 34 period EMA low.
The daily USD/JPY tests buying support at the 34EMA Wave as the market trend has maintained its bullish Directional Bias.
*Results are not guaranteed, individual experiences may vary. Past performance is not indicative of future results.
The Thursday session low at 82.95 shows that there is buying support at the major psychological level which extends five pips above and below the “00”. Since prices have rebounded back above 83.00, there is a intraday rally that is beginning to show near-term strength across the five and 15-minute time frames. The upside hurdle will be the 83.50 level.
Watch for pullbacks on the 15-minute time frame at 83.36 for swing buying opportunities and as long as prices can maintain the “twelve to two o’clock” angle of the Wave, there daily chart could have made the correction that will now allow the overall uptrend to resume.
The 23.6% Fibonacci Retracement on the daily USD/JPY level is an important hurdle for the uptrend continuation.
*Results are not guaranteed, individual experiences may vary. Past performance is not indicative of future results.
The dominant sentiment, momentum, and trend is still bullish on the daily chart, therefore I believe any shorts entries should be limited to the five, 15, and 30-minute time frames. Consider however that the five and 15-minute time frames are in uptrends and the 30-minute is currently neutral. As long as prices can maintain support near-term above 83.20 look for intraday upside continuation. The 83.00 level will be important to the daily trend as it is not only a whole number level but also where the 20 period SMA is waiting.
*Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Read the full risk disclaimer and privacy policy on trading at http://www.ibfx.com.
Learn currency trading with a free forex trading account at IBFX.
Raghee Horner