Shanghai index dropped 2.53% (as of 1AM EST), and Nikkei is flat.

USDJPY pair ended with red candle yesterday.  The statement from BOJ was no surprise.

So far, during the Asian hours, a little down movement observed with Yen-Cross pairs.

Looking at the Daily chart of USDJPY (below), the prices are controlled by 21 EMA and blocked also by Monthly Central Pivot.

2015-09-15_13-22-39-UJ2

 

Even on Ichimoku Daily chart (below), we can see this chart continues to show the biggest sell sign, and the candles are blocked by Kijun Line (Blue line).

2015-09-15_13-20-21-UJ1

Thus in the big picture, I would like to look for Sell Opportunity.

 

The first sell zone should be 120.20-120.30 area, which is the resistance and the pivot cluster of DPP, WPP.   A little problem with this setup is… I don’t like the fact that the price has formed the double bottom (not making lower low) at 119.86.  But if you are aggressive, I think it is worth the shot from 120.20-30 area.

2015-09-15_13-27-01-UJ3

 

To be more conservative, I think we should wait to see the break of 119.86 and sell from the pullback.   We can continue to do so at the next support (119.60).

2015-09-15_13-29-09-UJ4

 

As long as the price is under 21 EMA on the daily chart, I would like to stay Bear.

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo

 

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