PARABOLIC INTRADAY MOVES OPEN TEST OF KEY INTERDAY RESISTANCE
Usd/Jpy: With the daily ATR doubled and the hourly RSI well above 80, we have opted to establish a short trade on an overshoot of the more significant Ichimoku cloud top and 78.6% fib retracement off of the major 98.85-91.75 move. The overall trend in the pair still remains bearish and although the market has just now broken above 97.00, we question whether these gains can be sustained. We are anxious to see how things unfold into the close and will look to reassess later today or early Monday. POSITION: SHORT @97.03 (Average Price after selling 96.75 and 97.30) FOR AN OPEN OBJECTIVE, STOP @98.75.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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