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USDJPY: Prefer to look to buy dips

Written by Jim Langlands | 2018-03-07 23:16:00 GMT

1 hour/4 hour indicators: Turning higher.

Daily Indicators: Turning higher

Weekly Indicators:  Turning lower

Preferred Strategy:  While a cautious approach is required, the 4 hour momentum indicators are pointing sharply higher and I would not be surprised to see a retest of the session high and possibly the decent resistance in the 106.50/75 band, above which would allow a revisit of 107.00. A failure on the topside could see a run back below 106.00 to 105.70/85, to 106.45/50 and possibly down to the trend lows at 105.35/25. Below that there really is not a lot to hold the dollar up ahead of major Fibo support at around 103.50. In the meantime the 200 MMA, at 105.70, may prove to be decent support and while risk sentiment remains positive, I prefer to look to buy dips..

Buy US$Jpy @ 105.60. SL @ 105.20, TP @ 106.90

Buy EurJpy @ 130.80 SL @ 130.20, TP @ 132.80

Economic data highlights will include:

Japan Q4 GDP, Foreign Bond/Stocks Investment, Trade Balance, Current Account, Eco Watchers Survey

Author

Jim Langlands

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