The USDJPY is trading at its lowest level since October 19. More importantly, the pair is currently hanging 50 pips below the 113.15 handle. It’s a level we’ve discussed several times in recent weeks.
Update: Over the past two hours, buyers have pushed prices back to 113.15.
However, until we get a session close (5 pm EST) below 113.15, it’s too speculative to call one way or the other. For all we know, USDJPY bulls could turn this into a bullish pin bar before the New York close.
One reason I’ve been favoring the USDJPY is due to the technicals. The horizontal levels of late are easy to identify, making it ideal for trading the ranges.
I’m going to wait for today’s close to get a better feel for whether buyers or sellers are in control. A 5 pm EST close below 113.15 would suggest a move lower toward the 111.60 area and perhaps 110.20.
Alternatively, a daily close back above 113.15 would carve a long-tailed bullish candle. It would signal that buyers remain in control and re-expose 114.35 resistance. A close above that would pave the way for a move toward 115.40.
An indication of strength or weakness here could spill over into other yen pairs. Keep that in mind if you have yen exposure or plan to in the near future.
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USDJPY D
It might close with the pin bar (too early to confirm), close of the candle will confirm. If you check the weekly time frame. today’s candle just retested the trend-line and rejecting it. probably meaning the bulls are fighting to takeover.
Yes Sellout.
We technically are in an existing uptrend.
We’ll see at 5pm EST. What decision if any to make.
I missed this trade by a few pips on my pending order. I’ll wait for another opportunity.
Did you have your order above 113.15?
Thanks for supporting us with your view
Thanks
Guys never follow analysis of someone. You need your own vision based on your overal system to make any judgments. From what I see USDJPY could easily slip down 200-300 pips before to consider any breakout above the range. Be careful with your money!
I think its just a sl hitters and getting more sellers from the market move. It will go to 115.400 in near future. I am 99% agree with barnett.
You cannot forecast the market in advance. You need confirmations.
Thanks for this information
I just looked at the chart. This pair is now bearish. I agree with Justin that the first target level is somewhere near 111.70 with a further possibility of downside to 110.
The Euro/USD appears to be a better bet. The bias is certainly bearish. I have placed a short order at 1.1820 targeting first profit level at 1.1670.
Trade cautiously guys.
Hallo Justin. I see that you don’t open trades on pullbacks. Why? Thank you
I’m not sure what you mean. I do wait for pullbacks before opening a position.
Dear Justin,
I really need your advice. I have a few BUY for UJ since Nov 7th, with the highest price at 114.337, now is losing close to 2k. A few analysis and forecast showed UJ will go further down to about 107….it means my account is gonna burst. What is you advice? do i have to let them go (LOSS about 2k) OR shall i wait for the potential of bullish trend , tomorrow or in a few days times, provided it does not go below 111. Desperately awaiting your reply. Thanks in advance.
Maria Justine