USD/JPY jumped up to touch 117.05 affected by the Japanese GDP, however this move reversed in hour to 115.45. This is a sign of a newborn resistance. We will play the smart game and hunt some quick pips. No long term positions are required at this stage. The USD/JPY has the following major resistance and support levels:
- RESISTANCE: 117.05
- SUPPORT: 109
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (30 pips stop loss applied):
- Sell at: 116.90 – Take Profit 116 (90 pips profits)
- Buy: at 117.05 – Take Profit 117.45 (40 pips profits)
- Buy at 115.10 – Take Profit 115.40 (30 pips profits)
QUICK HINT: USD/JPY entered a rest phase zone. We can go either ways (up to 120 or down to 110). From this area, However, I can see that this might takes sometimes before we continue up or move back down. To this moment, I would like to take quick trades with very small stop loss points (less than 30 pips) 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: 18th, November 2014