Start Trading Now

Your invested capital is at significant risk

USD / JPY Trading Outlook

Thursday 26th January

USD/JPY was unable to break the 78.30 resistance, as expected it was a tough barrier to pass, and since the pair has retraced back to 77.60 as the USD weakens. Off this retreat, from a technical stance, there is a preference to sell from the 77.95 level as the pair remain under pressure and looks to challenge its 77.45 support.

Wednesday 25th January

USD/JPY is on the move moving from 77.00 to above 78.00 which is the high of the month. The pair may face a barrier here as previous tests (Nov 29th, Dec 4th, 14th, 22nd 2011) all failed to break the 78.00-78.30 zone but a spike through may cause stops to be triggered and hence push the price up further so trade cautiously at that level. On the other-hand if it retraces down to 77.55/65 and the level holds there is a preference to buy. EUR/JPY also rallied, continuing in its uptrend, posting 101.90 highs. Some stops have been taken out and there are more eyed at 102.00 and 102.60.

Tuesday 24th January

USD/JPY broke the 77.05 resistance this morning triggering stops up to 77.30. This has created the 77.05 pivot point and now there is a preference to buy here, as long as the level holds, with the RSI above its neutral area at 50%. To the topside 77.55 is the initial resistance with offers starting at 77.40. EUR/JPY broke 100.00 to the topside in yesterday’s trading and has managed to hold above this, there are bids from around 100.00 from weak shorts (source: IFR) with stops eyed below 99.75 and above 100.50. There is a preference to buy ahead of stops at 99.80 whilst managing any risk to the downside if the level breaks lower and the profit target is 101.00.

Important note: These technical and research reports are provided to easy-forex as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easy-forex to you to engage in any trade. Hence, easy-forex shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easy-forex. If you do not agree to this, you are strongly advised not to use these reports.