On Friday this pairs trading range fluctuated nearly 1000 points from highs of 113.45 to lows of 112.30.
Looking at the daily time frame price is currently respecting MA's and I am expecting a daily close above 112.80 to confirm bullish bias.
I have highlighted this as a key level in accordance with the daily trend line that stood firm throughout last weeks session.
Current account data for Japan was positive today and therefore this could govern the most of today's trading session. Bear in mind this pair is still in an upwards channel and so those looking to short this market I would recommend analyzing shorter time frames for precise entries and targets; personally I would not be looking to short this market until my key level of 112.20 is broken, this is also the stop loss price for the dollar yen trades I am currently running.
To conclude the two levels to watch for over the session will be 112.20 and 112.80. A close above 112.80 will confirm bullish bias with targets at 113.20 and 113.45 respectively; To contrast should this pair form a candlestick close below 112.20 then this markets' sentiment has switched to bearish, if this is the case my first target will be 111.90 followed by 111.50.
Trade Smart & Good Luck With The Week Ahead.
Looking at the daily time frame price is currently respecting MA's and I am expecting a daily close above 112.80 to confirm bullish bias.
I have highlighted this as a key level in accordance with the daily trend line that stood firm throughout last weeks session.
Current account data for Japan was positive today and therefore this could govern the most of today's trading session. Bear in mind this pair is still in an upwards channel and so those looking to short this market I would recommend analyzing shorter time frames for precise entries and targets; personally I would not be looking to short this market until my key level of 112.20 is broken, this is also the stop loss price for the dollar yen trades I am currently running.
To conclude the two levels to watch for over the session will be 112.20 and 112.80. A close above 112.80 will confirm bullish bias with targets at 113.20 and 113.45 respectively; To contrast should this pair form a candlestick close below 112.20 then this markets' sentiment has switched to bearish, if this is the case my first target will be 111.90 followed by 111.50.
Trade Smart & Good Luck With The Week Ahead.