Pending trade executed at 8:21am ET buying USDJPY at 83.55 area.
With the exception of a few fundamental spikes the USJPY has been in a range between 83.50 and 84.50 since Nov. 24th. Even with the spikes we have seen rising lows indicating that the sellers are losing strength. Buying here at the bottom looking to return to 84.50. A break at the top would confirm more upside potential.
No CommentsBuy for USDCAD posted to TAP at 10:02am ET at 1.0310. Buy for USDJPY posted to TAP at 10:04am ET at 85.76.
Looking for directional purpose on both pairs. On the USDCAD there has been a break of the 4 hour trend line to the upside. Now looking for it to gain some support to confirm the break for the next leg to the fib near 1.0388. Needs to break next resistance at 1.0340. On the JPY there is more of a long term focus because the indicators for this trade come from the daily chart. The trend line on the daily has been down for several months. In the past few days we have seen a few days holding above the trend line and hovering around the 85.75 zone. As long as it stays above the trend line I am focusing on the buy side with potential legs to 86.50 and 87.50.
2 CommentsBuy posted to TAP at 8:59am ET buy USDJPY at 83.99 small size. It’s no secret that this pair is reaching 15 year lows. Now looking for potential reversal points. 1.236 fib extention at 83.90 is a good begining point for potential reversals. When looking for a reversal point like this, use smaller size than normal because you could take some hits before the actual reversal takes place.
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