USDJPY sellers are increasing up around 113.00

Yesterday we noted good sell interest in USDJPY from 112.80 into 113.00. That interest is still there today and there’s been more added. Exporter offers are layered around 112.85/90 & 113.00, alongside other offers into 113.00. Macro/funds have also joined the party with offers from 113.00 to 113.10.

The 113.10 offers make things interesting as that’s around the level you’d expect stops to be sitting, and indeed, we noted stops sitting on a break of 113.00 yesterday. Those 113.10 offers now muddy the picture a bit but it may mean that there are more stops higher, or those 113.10 offers are going to hoover up the 113.00 stops and we’ll see a quick reverse. Who knows? Fun and games this trading lark, eh folks?

Either way, we’ll take each move as it comes but the offers into 113.00 could make a solid wall in this quiet market. I’ll be looking at selling some small clips at 112.85, 112.95 and 113.00 (if I can get it), with a tight stop above 113.20.

We also have tech resistance around the 200 H4MA at 112.76, the 55 DMA at 112.83 and the 55 H4MA at 112.89.

USDJPY daily chart

USDJPY daily chart

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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