Forex Trading: Waiting for USDJPY Short Trigger

RELATED QUOTES

SymbolPriceChange
USDJPY=X100.3110+0.113

My trading focus remains on the Yen crosses. That’s where the action is so that’s where I’ll play. By any measure-COT, RSI, difference from major moving averages (called the disparity index)-Yen crosses are insanely overbought which raises the risk of ‘snapback’ much like a rubber band that has been stretched too far.

The USDJPY has slipped below 8700 and a drop below yesterday’s 8650 low would create an outside day and present a short opportunity against the high. Initial support is 8565 but a return to 8420/60 (breakout level) isn’t out of the question.

Check out my morning article for more potential setups

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.130.00+0.78%
    N21.SI
    0.99-0.02-1.98%
    Y92.SI
    0.157+0.008+5.37%
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    5ER.SI
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    0.011-0.115-91.27%
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3529+0.0016+0.12%
    USDSGD=X
    1.5278+0.0008+0.05%
    EURSGD=X
    1.7818-0.0009-0.05%
    GBPSGD=X
    74.1120+0.0030.00%
    SGDJPY=X
    5.7293-0.0062-0.11%
    SGDHKD=X
    2.9886+0.0128+0.43%
    SGDMYR=X
    9,813.2549-3.4492-0.04%
    SGDIDR=X
    4.9188+0.0054+0.11%
    SGDCNY=X
    1.0276-0.0013-0.13%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,340.30-5.80-0.43%
    GCZ16.CMX
    18.84-0.08-0.41%
    SIU16.CMX
    103.89-1.81-1.72%
    ^XAU
    2.110.00-0.17%
    HGU16.CMX
    47.35-0.75-1.56%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.14+0.01
    ^FVX
    1.55+0.01
    ^TNX
    2.240.00
    ^TYX