Forex Trading: Waiting for USDJPY Short Trigger

RELATED QUOTES

SymbolPriceChange
USDJPY=X102.5900+0.17

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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2531+0.0008+0.06%
    USDSGD=X
    1.7314+0.0012+0.07%
    EURSGD=X
    2.1058+0.0017+0.08%
    GBPSGD=X
    81.8637+0.0814+0.10%
    SGDJPY=X
    6.1877-0.0044-0.07%
    SGDHKD=X
    2.5939+0.0084+0.32%
    SGDMYR=X
    9,123.6289+4.7666+0.05%
    SGDIDR=X
    4.9733+0.0028+0.06%
    SGDCNY=X
    1.1689+0.0001+0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,288.40-5.50-0.43%
    GCM14.CMX
    19.42-0.18-0.92%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.050.00+0.07%
    HGK14.CMX
    103.05-0.32-0.31%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.72+0.06
    ^FVX
    2.71+0.07
    ^TNX
    3.50+0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.113-0.002-1.74%
    B22.SI
    0.135+0.010+8.00%
    545.SI
    2.190.0000.00%
    JS8.SI
    0.605-0.005-0.82%
    E5H.SI
    0.143+0.004+2.88%
    5GB.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.040+18.60%
    5UE.SI
    0.345+0.045+15.00%
    5DS.SI
    0.18+0.020+12.50%
    T16.SI
    0.19+0.016+9.20%
    540.SI
    0.138+0.011+8.66%
    J74.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.17-0.030-15.00%
    5WD.SI
    0.118-0.014-10.61%
    S71.SI
    0.123-0.013-9.56%
    5FI.SI
    0.20-0.020-9.09%
    D6U.SI
    0.29-0.025-7.94%
    O08.SI