Pick of the Day: USD/JPY

Greetings fellow traders! Tonight’s pick is a simple one is that we’re just going to jump into a short-term, fundamental based trend in USD/JPY. The yen has been creeping higher in value due to speculation that the Chinese will loosen their firm grip on their currency, the yuan. So, with the Japanese Yen being the main currency to represent that region of the globe, it has been in a slow and steady rise in value. This rise in value is probably caused by traders getting in position for the G-7 meeting this weekend. After the last G-7 we saw the yen drop, which we may see once again. So, for tonight’s trade, we will short below the S1 line, and if the pair rises up from here, we’ll short at the R1 line.

  • Short USD/JPY at 118.10, stop at 118.30, pt1 at 117.90, pt2 at 117.70
  • Short USD/JPY at 117.20, stop at 117.40, pt1 at 117.00, pt2 at 116.60