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USDJPY Eyes 83.8 As Traders Countdown to U.S. Advance Retail Sales

USDJPY Eyes 83.8 As Traders Countdown to U.S. Advance Retail Sales

2011-02-15 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Long USDJPY

83.8

82.66

85.10

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long AUCAD

0.9890

0.9915

0.9915

*Note: EURUSD short is from the last updated report on Thursday

The USDJPY managed to break above its descending 30 minute trend line ahead of the advance retail sales report which is expected to be released later on today at 13:30 GMT. As fundamental developments in the world’s largest economy gather momentum, a better than forecasted release could lead the greenback to extend its overnight gains against the Japanese yen. It is also worth noting that the “crowd” is shifting away from long dollar positions, providing the contrarian signal to long the buck. Looking ahead, as technical indicators begin to paint a bullish picture for the USDJPY, currency traders should not rule out a test of 83.8. As price action move in our favor, look to place a trailing stop in order to avoid any unforeseen losses.

USDJPY 30 Minute Chart

Intraday_Trading_02_15_11_body_usdjpy.png, USDJPY Eyes 83.8 As Traders Countdown to U.S. Advance Retail Sales

Charts Created Using FXCM’s Strategy Trader

Close: 83.43

SSI: 2.97

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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