Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Daily Insight: USD/JPY Moved Slightly Higher

Published 03/03/2015, 04:36 AM
Updated 07/09/2023, 06:31 AM

MARKET SNAPSHOT:

Market Snapshot FX Majors And Crosses

UP NEXT:

Upcoming Events


TECHNICAL ANALYSIS:

USD/JPY:

USD/JPY 30-Minute Chart

We moved slightly higher than I had anticipated yesterday but we have clearly toppled and now appear to be within a bearish Wedge formation. If successful it will target the 118.65 lows but there are plenty of interim target to consider for short trades.

The bearishness of the breakout would imply shallow pullbacks initially which we can consider shorting on lower timeframes.

A break below 119.6 is required to target 119.50 and 119


WTI:

WTI 4-Hour Chart

Focusing on recent candles, the higher spike followed by small inside bars (whilst respecting 49.48 support) suggests we may have another pop higher towards 50.54 or 51.26.

However, my bias is for another dip lower toward the 47.80 low. We can either wait for a break below 49.48 support to confirm, or use sell-limits to fade into any rallies towards the 38.2% or 50% retracement zones.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.