A short Christmas for the Yen pairs

If you have been attending the daily webinars with Wayne then you know that the team at Forex.Today are currently preparing for a fall in the Yen pairs – which started last week Thursday. There are still some opportunities to get some positions in ahead of Friday when the market is likely to take some profit. Profit taking might continue next Monday and then again at the start of Jan. If you have been watching the Yens then you’ll know that they have been moving down slowly everyday. Below are some trading ideas and technical analysis on USDJPY and GBPJPY. Happy trading 🙂

USDJPY H4

The 21 is at 117.500 with trend line support drawn off 14 Dec '16 and 19 Dec '16 lows. I am looking for a break of this line and the 21 and then plan to sell the pull back at 117.500 with support eyed at WPP. Note the lower low yesterday after last weeks drop at 118.500. H1 provides an even clearer picture.

USDJPY H1

As mentioned on H4 - a break of the trend line support at 117.500. A drop to the WPP and a pull back to 117.500 / DM2 role reversal would give me an opportunity to short this pair.

GBPJPY H4

Support at WS1/ 145.500 is holding though a break of this support and pull back to WS1 as role reversal resistance off of 145 or the support trend line drawn off of 7 Dec '16 and 19 Dec '16 lows would give me a nice selling opportunity. Alternatively the H1 chart provides an opportunity to get in earlier.

GBPJPY H1

Price is currently breaking below 145.500. I would like to see a close at DM2/ WS1/ DS1/ 145 and then a pull back to 145.500. This is a bit more aggressive due to price still being above WS1 - the more conservative entry would be the one discussed on the H4 chart.

2 thoughts on “A short Christmas for the Yen pairs”

    1. Both went up a little higher than expected and bulls still showing resilience though sold GBPJPY off the H4 21, will see if we break support at 145…

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