Technical Analysis/Trade Ideas/USD/JPY

USD/JPY technicals: Just a normal retrace?

usdjpy2h     If we look at the move from 83.85 to 88.40 as being the latest leg of an up-move, then we may well be undergoing a normal retracement which should take us to the 38.2% level near 86.65. Bears can try selling failures near the breakdown level at 87.65 with a tight stop.

  1. Hey Sean, how are you doing with your resolution to stick to waiting for the levels you pick? I’ve slipped a few times and I’ve gotten pretty heated at myself for it, lol. I thought it might be worth pointing out that USD/JPY has been kept under the 260-week MA that I brought up concerning cable a little while ago. I think it is the only major yen pair that it still under that MA as well. Last week it was around 88.70, this week I think it is in the low 88.60’s.

  2. But if this pull back is for real, this will just give smart money better entrances for their shorts, one really has to be careful right here.

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