USD JYP jumped up on Friday (31st, October) to touch 112.50 directly because of BOJ extra stimulus which surprised the market and pushed the USD JYP to a new level. The Fed. ended the QE program of US which means that they are trusting the US economy and that they think that things are going in the right way, this is caution moved because they kept mentioning that the interest rate will stay low for considerable time. The USD JYP has the following major resistance and support levels:
- RESISTANCE: 115
- SUPPORT: 110
- Do not sell. This is a buy only market at the moment.
- Buy: at 111 – Take Profit 111.50 (50 pips profits)
- Buy at 111.50 – Take Profit 112 (50 pips profits)
QUICK HINT: USD JYP entered a new wave of bullish momentum but, the trend is very strong and the bears are watching with no action at all. Take quick trades with very small stop loss points (less than 30 pips) if you can and do not over wait till it hits the previously mentioned targets, if you feel that the trend lost momentum, get out with the achieved profits, as always.
This signal is valid on: 3rd, November 2014