The Trend of the Day - USD/JPY
How Low Can the Dollar/Yen Go?
Will the Bank of Japan Intervene and help this traders out?
Over the next couple of trading sessions look for the USD/JPY to move up to Fibonacci resistance levels in the 89.20 to 90.25 area with gains capped at around 90.50. Look for the pair to turn down and continued in the direction of the daily trend. The FXCM Speculative Sentiment Index (SSI) shows that traders are Long USD/JPY by a margin of over 4:1. Unlike democracy where the majority rules, the majority in trading indicates that maybe the crowd is on the wrong side of the trade. The odds are in our favor when we trade in the direction of the daily trend. My price target is 88.12.
Please visit me in the DailyFX Instructor Tips Forum in the Trend of the Day for more of my analysis or to ask me questions directly.
Good Luck in your trading!
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.