FXWW News/Technical Analysis/Trade Ideas/USD/JPY

USD/JPY: Getting close to resistance level at 87.60

The 61.8% retracement of 94.90/75.60 comes in at 87.60 and if this level holds then bears can consider a contrarian short play or bulls will start booking profit ahead of tonight’s NFP.

  1. Good morning Sean. Feels like market is overdone on fed’s minutes. But what the hell. Market is always right. Feels like this pair could hit 88.15 before retracing. Keep watching.

  2. Hi Sean,

    Happy new year to you and yours!

    In your view, at what point could one determine the level has not held? Hourly close above? Daily close above?

  3. Hi Tony, I look for hourly close at level. In this case, if USD JPY holds below 8760 for another two hours then I’d start to consider short. Also I like if mkt pulls back off the level, ie doesn’t simply idle near or just below. Hope that makes sense

  4. Good morning Sean and every body,

    In my view, shorting the USDJPY at 87.90 and above is a very low risk trade for a very very probable return to at least 87.50 and most likely below in the coming days and weeks.

    Good luck!

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