USDJPY: Look to buy dips towards 113.00/10

Jim Langlands FX Charts

US$Jpy finished the week on a positive note, assisted by a minor uptick in US yields (US10Y – 2.377%) and still looks pretty firm on all fronts, so trading from the long side is preferred.

1 hour/4 hour indicators: Turning higher

Daily Indicators: Turning higher

Weekly Indicators: Neutral

Preferred Strategy: With the momentum indicators aligning higher, a test of 113.80 would not surprise, beyond which 114.00/05 will see sellers ahead of a possible towards 114.30 and even 114.75. Look to buy dips towards 113.00/10 with a SL placed sub 112.80.

Buy US$Jpy @ 113.10. SL @ 112.85, TP @ 114.20

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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