If you believe the USD/yield hype, this is where you want to jump on the USDJPY gravy train

Is this buyers choice for a USDJPY dip?

I’ve got two views for you. Here’s the intraday picture for all you FOMO dip buyers.

USDJPY 15m chart

There’s the dip area if you think we’re going back up.

But, if you do that, remember to keep the wider picture in focus.

USDJPY daily chart

That clearly shows yet another failure at the wider range highs.

As usual, other market commentators and economists are late to the party in calling for this pair to run higher, and that often means a top gets slammed into place, temporarily or otherwise. If you tend to follow real traders, then you’ll know our very own K-man has been touting and riding this move from way down below 112.00.

Ignore the hype and trade properly. That means being guided by the charts not price chasing analysis. If you want to buy the dip, here’s a possible entry spot, which can be kept tight with a stop just below 30 in case you’re wrong. If we’re going to go higher then we need to clear 114.50 and then 115.00 to really cement a break. Anything less is just another failure. It really is that simple.

Like my colleagues, I’m going to put my money where my mouth is by trying to buy it as close to 113.50 as I can get it, with that very same stop just under 113.30. Nice and tight, low risk if I’m wrong, just like the AUDUSD trade yesterday.