It’s like watching a sloth climb a tree but USDJPY is moving

The ‘second wind’ for USDJPY is more like a small kid trying to blow up a balloon but up she goes. The 110.00/15 area (includes the 200 DMA at 110.14) is the next big resistance but look for some to appear into the 100 H4 at 78 and then the 85/90 area.

USDJPY H4 chart

USDJPY H4 chart

Support is likely at 109.50 and a break there will then target the next lot at 109.30. The line in the sand for today is at 109.00.

I’m liking the look of a small short into 110 with a tight stop above the 200 MA, though I’m loathed to get into something that’s possibly going to crawl for the rest of the day, and I don’t really want to hold a scalp over the weekend. We’ve still got the ISM coming up at 14.00 GMT too.

 

 

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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