Trade Ideas/USD/JPY

USD/JPY: False break above 81.50; market showing more signs of weakness

The break above 81.50 was short-lived and USD/JPY is posting fresh session lows now near 81.25. Bulls will be a bit worried by this price action and we may be in for some more short-term weakness now. I’d look to play an 80.30/81.60 ish range in the near term with a short-term bearish bias but a medium-term bullish bias.

  1. Sean, price being rejected at 61.8% retracement drops from 84.17/77.12. I am looking for much weakness after weeks of dangerous play in USD/JPY

    i hate to see fundamentals being ignored, many of US datas are weakening and risk still on 🙁

  2. and I am watching closely usd “Index” which is over bought and jpy “Index” which is over sold, on 4 H charts.(both separately )

    On daily charts, both indexes have pretty much similar picture as abaove, with JPY index is at the bottom of falling wedge.

    I am short since Friday with an open TP target.. lets see

  3. i wish for it to reach around 78, if 38.2 gives way, so i can buy against 2011 low. i am still short EUR/JPY & AUD/JPY, i am a swing trader but can’t help from being worried seeing JPY weakness

    last time price moves very fast in February to March and after that relentlessly falling like leaves falling from the trees in sunny autumn 🙂

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