USD/JPY Technical Analysis April 10th 2014

The Japanese Yen has risen so far today against the USD and other major currency pairs. The Bank Of Japan is staying on the sidelines for now and is not expected to increase their already massive QE program that has helped build these yen crosses up. That being said USD/JPY is coming up on a trend line set back from the beginning of 2013. First layer of support is marked by this line around 101.2  and some more support around recent lows of 100.74 with more major long term support coming in around 100. A possible trade would be to go long with a stop of a close below this major trend line or make a smaller trade with a stop below 100 around 99.8. If 100 were to go we could see USD/JPY head much lower rather quickly so be on the look out.


This entry was posted in Forex Trading and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s