FXWW News/Trade Ideas/USD/JPY

USD/JPY: Time for a bearish session perhaps?

  • Lack of progress in Washington will be bearish for USD;
  • Chinese data will be bearish for risk;
  • Technical picture is very undecided hinting at range trading outcome but there is a chance of an interim top forming near 98.60 (see chart).

I prefer to trade this pair from the short side today but keep stops fairly tight above 98.80.

  1. The JPY pairs have been really frustrating since last week. Hoping for some redemption this week, especially USDJPY and EURJPY. I feel there’s one downside left in these and other JPY pairs still – USDJPY 95, GBPJPY 145, AUDJPY 82 but not entirely sure of timeframe between now and January. The market confusion is adding to the mix. Also, perfect day or two to be bearish the USD? I like a USDCHF short with 91.60 stops

  2. Morning Sean, As you know I have also been a Bear for this Pair, I don’t think 95 is in the Cards although if we Break 96.6 then anythings game! But I do think there is a Possibility (hopefully) in the next 2-3 days if there is No Deal to retest 97.1 range then 96.8/6. For today is retest of 97.6/5 reasonable Sean, assuming we can break 98 first?

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