The USDJPY just broke through the short term support level triggering a bearish market condition:
USDJPY
As long as the USDJPY keeps trading below 91.05 I will be looking for short opportunities. Notice also the 91.00 is always a good psychological barrier.
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The USDJPY is trading in a bullish market condition, yesterday it broke through an important long term resistance level, triggering the bullish market condition:
USDJPY
As long as the USDJPY keeps trading above 92.28 I will be looking for long opportunities.
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The USDJPY is trading near a LT support level, in order to confirm a breakout, the USDJPY needs to trade below 89.23. On the other hand, to confirm a rejection from such LT support level, the USDJPY needs to break the 90.41 line for the upside:
USDJPY
If the USDJPY keeps trading in between both green level I will do nothing.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The USDJPY it’s been in a bearish market condition since de 21st of January, and it still has some room to continue its way down:
USDJPY
As long as the USDJPY continues to trade below 89.37 I will be looking for short trade opportunities.
And of course, all long opportunities will be ignored.
Trade Safe!
Raul Lopez
I’ve been a little hesitant about looking for short opportunities in the USDJPY and other yen crosses since the BoJ intervention in the last few weeks, this is the reason I’ve only focused on long opportunities when they are in a bullish market condition. And this is exactly what is going on in the USDJPY right now:
USDJPY
It was trading in a short term range, but earlier this morning the USDJPY broke the upper extreme of it, triggering a bullish market condition.
Here is my plan:
As long as the USDJPY keeps trading above 90.28 I will be looking for long trade opportunities. My next LT resistance level is at 92.29
All short opportunities will be ignored.
Trade Safe
Raul Lopez
Right now I would be cautious about taking short positions on any pair related to the JPY, it is likely that the Bank of Japan (BOJ) will continue to intervene on its currency (like they have been doing):
USDJPY
It is known that the BOJ doesn’t feel comfortable at the current levels of the JPY against all crosses (Japan is a net exporter, they need a weak currency).
For now, I will only consider going long if I have a bullish MC on the yen crosses.
Trade Safe
Raul Lopez
The USDJPY was trading near a Long Term support level around 88.58, it traded in a short term range around 89.10 – 88.62, but earlier this morning the USDJPY broke the bottom of the range:
USDJPY
That being said, we are actually in a bearish market condition looking for short trade opportunities.
Here is my trading plan:
As long as the USDJPY trades below 88.62 I will be looking for short opportunities. The next long term support level is at 87.12
All long opportunities will be ignored
Remember the USDJPY needs to be trading below the 88.62 for this to be true.
Trade Safe!
Raul Lopez
I like to see the market trading near long term support or resistance levels, this way I can map the short term support and resistance level it needs to break in order to start looking for trading opportunities.
The USDJPY right now trading just above the long term support level at 94.55, take a look at the chart below:
USDJPY
So here is my plan:
As long as the market keeps trading above the short term resistance level (95.13) I will look for long opportunities. An eventual break should take the market to 96.22
As long as the market keeps trading below the short term support level (94.61) I will look for short opportunities. An eventual break should take the market to 92.14
If the market keeps trading in between the short term range 95.13 and 94.61 I will do nothing.
Good luck!
Raul Lopez
The USDJPY is trading in a short term range in between 95.01 and 94.41 (green lines). The market usually creates this range when it approaches to a long term level, in this case a support level at 94.53 (center blue line). Please take a look at the chart below:
USDJPY
So here is my plan:
If the market breaks the short term resistance level 95.01, I will look for long opportunities and set all take profits level below 96.21 (long term resistance level – upper blue line).
If the market breaks the short term support level 94.42, I will look for short opportunities and will set all take profits levels above 94.14 (long term support level – lower blue line).
Good luck!
Raul Lopez