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Currency Analyst since 2010

Mark Jensen: trading USD/JPY

Mark Jensen, FBS analyst

USD/JPY is testing the bottom of the daily Ichimoku Cloud in the 101.70 area. The pair breached support line from the beginning of February, but is still holding above the 3-month support at 101.66. As long as the pair remains above this level, the situation will remain bullish.

On the upside potential targets lie at 55-day MA at 103.24 and 104.00. There are plenty of support levels in the 101/100 area, so we won’t risk shorts.

We may try small longs at the current levels with stop at 101.55 and targets at 102.45/85.

The risk aversion is against tge pair, but perhaps we'll get something USD-positive from America and Yellen.

Chart. H1 USD/JPY

      

JPY
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