News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex Trade Ideas: Waiting for USDJPY Correction

Forex Trade Ideas: Waiting for USDJPY Correction

David Rodriguez, Head of Product

I remain short the Japanese Yen, but the risk of real correction suggests that adding to the position or opening fresh longs will have to wait.

I think there's plenty reason to watch for more Japanese Yen weakness, but sentiment is so incredibly one-sided at the moment that I think a correction is quite likely.

Not one to go against my longer-term bias, I won't close my existing long and instead trail my stop to previous critical resistance at 84.15. If we see the USDJPY show signs of basing once more, I will look for a fresh long position.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

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

DISCLOSURES