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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
FOREX Trading: USD/JPY Try it Again

FOREX Trading: USD/JPY Try it Again

Jamie Saettele, CMT, Sr. Technical Strategist

Trading breakouts is especially difficult because it feels as though one is buying the top or selling the bottom. The only way I’ve been able to tackle this psychological impediment is by trading against an objectively defined level. Against means that your stop is on the other side of that level and objective levels are opening range levels (early month, early week, and early session price extremes). Regarding the USDJPY, the Monday low of 8108 was the objective level to trade against (stop below) once the Monday high was broken. Price has now reached the next cluster of technical resistance surrounding 8250 and a reaction here would present the next opportunity to align with the move for a test of 8345 and potentially a break of the March high at 8417. 8215 is now estimated support and the level to trade against is moved up to 8164. Always ask yourself if you can handle the risk…another way to put this…It’s better to wish you were in a trade than wish you were out of a trade.

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