USDJPY breaks below neckline once again
It seems the Non-Farm Payroll action buyers are slowly unloading their position. The December rate hike anticipation has caused the U.S Dollar to partially strengthen along with the expectation that the Euro will reach parity.
The hourly time USDJPY chart currently signals a short term intra-day sell especially against such a devalued currency like the Yen.
The descending trend-line is a good sign of exhaustion where the price is failing to break above previous highs or buyers are unable to bid up the price. The neckline isn’t as strong of an level after seeing price rally overnight. However, sell off resumes once again early this morning and I expect this to continue throughout the New York session this afternoon with further selling picking up later in the Sydney-Tokyo overlap session.
This is an almost pure technical setup trade and so my the duration of my outstanding position target is at most one day. Given the 7:30PM Australian data release and 9:30AM tomorrow Yellen speech based on New York time, I would look to exit before then as the fundamental factors could drive this pair into an undesired direction.
The hourly time USDJPY chart currently signals a short term intra-day sell especially against such a devalued currency like the Yen.
The descending trend-line is a good sign of exhaustion where the price is failing to break above previous highs or buyers are unable to bid up the price. The neckline isn’t as strong of an level after seeing price rally overnight. However, sell off resumes once again early this morning and I expect this to continue throughout the New York session this afternoon with further selling picking up later in the Sydney-Tokyo overlap session.
This is an almost pure technical setup trade and so my the duration of my outstanding position target is at most one day. Given the 7:30PM Australian data release and 9:30AM tomorrow Yellen speech based on New York time, I would look to exit before then as the fundamental factors could drive this pair into an undesired direction.
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