USDJPY is making lower lows, and those who are not good at following the trend keep on regretting their long decisions. So, what is USDJPY forex signal for this week? Is it time to long USDJPY yet? See USDJPY technical analysis and daily Free Forex signals.
9 August, AtoZForex - It is the fifth consecutive week for the happy USDJPY bears as the pair keeps on making lower lows. The pair bounced off the 113.80 resistance level as we initially expected in June. Meanwhile, USDJPY is testing the 109.70 support line at the moment. So, what does the market offer us as USDJPY trade signal? Should we long USDJPY or consider shorting further?
Intraday USDJPY Forex Signal
On a shorter time frame such as 1 hour or 4 hour, we are looking for an immediate reversal or correction. As a result I am looking for the following, USDJPY Forex signal for today:
USDJPY Long (Buy ) @ 109.70, SL@ 108.70, TP1@ 109.94, TP2@ 110.45, 110.85
For the USDJPY trade signal above, we should bare in mind that it is against the market sentiment. Thus, we need to be cautious about the risk factor.
Swing USDJPY Forex signal
Meanwhile, from swing USDJPY analysis perspective, we still have some space for the pair to reverse. Not like, the harmonic pattern trading USDJPY signal, Fibonacci supports further lows on USDJPY. Thus, according to our True Fibonacci Wave analysis, USDJPY long signal is at 108.11 zone. As a result the following is the Swing USDJPY forex signal for the month of August:
USDJPY Long (Buy Limit) @ 108.11 (as long as your spread is less than 2 pips), SL@ 106.60, TP1@ 108.89, TP2@ 109.93, TP3@ 101.01
Note: The current bullish JPY, bearish USD is due to geopolitical instability.