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
Short USD/JPY from around 121.50.

Short USD/JPY from around 121.50.

Kristian Kerr, Sr. Currency Strategist

The short in USD/JPY from last week has played out nicely. I was looking for a secondary failure against the 200-day moving average near 121.50 and we got that on Monday. The move lower that has followed has been fairly aggressive and seen several key supports eroded including the 38% retracement of the move off the January low. Focus now is on the 3rd square root relationship of the year’s low around 119.20 and the 50% retracement of the year’s range around 118.80. A move under the latter would further help the broader downside resumption argument. That all said, I like to take at least partial profit on trades that move 2-3x the initial risk and with spot now hovering around 119.50 I will take off half and move the stop on the remaining position to cost.

Short USD/JPY from around 121.50. Took profit on ½ position here (spot ref: 119.38).

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

DISCLOSURES