USDJPY Approaches Key Support Level

Rambo35

Active member
227 6
The Japanese Yen continues to offer traders plenty of opportunities and after a strong rally we saw a reversal trade seven trading sessions ago. Now the USDJPY is approaching the 100 level from the other side and there are plenty of orders waiting at that level. A valid breakdown below that level on a closing base for more than three consecutive days could lead to a much bigger sell-off.

Are you in the bull or bear camp? I think both sides have larger orders going both ways at that level and all the way down to 99.00. We will soon find out how many will jump ship and if this major support level can hold or if the bears will have it their way for a few sessions.

What do you guys think?
 

Ituglobal

Junior member
17 0
This is a bear market – something that could remain so. One reason behind this is the weakness of the Greenback. The Greenback is not strong enough to pull this pair higher, and as a result of this, there is still a bearish indication on the chart. It is advisable that only short trades ought to be sought here, unless otherwise indicated. The only thing that can render this possibility invalid is the condition in which the price breaks the supply level at 102.50 to the upside and closes above it.
 

Rambo35

Active member
227 6
Not sure how you got bear market, but I guess it depends on the currency you look at. I think a run from just below 80 to just above 100 is more of a bull run than a bear market.
 

Profitsniper007

Active member
107 2
Not sure how you got bear market, but I guess it depends on the currency you look at. I think a run from just below 80 to just above 100 is more of a bull run than a bear market.
I was looking to buy UJ on 97 but decided to kill my pending order since I already had USD exposure going into the NFP.

Was lucky there coz my SL would have hit.
 

Rambo35

Active member
227 6
I played with the idea to take a long below 96.00, but did not feel that comfortable with it. I never place a trade unless I am comfortable with it, and true sometimes you miss a good trade but it beats taking bad trade after bad trade.
 

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