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While testing near term downtrend resistance the Japanese Yen is down nearly 1% against the US dollar this week with USD/ JPY. The instantaneous focus is on a break of a well defined weekly opening range in price. These are the updated target and termination levels that matter on the JPY/USD charts direction into the close of August trade. This week’s strategy for an in dept breakdown of this silver price setup and more. As price was forthcoming downtrend resistance at the upper parallel of the descending formation in the last month’s the JPY/USD outlook our bottom line We have been tracking off the annually highs.
The JPY/USD register a high at 109.31 into the start of the month before reverse sharply lower with the turn down rebounding off parallel support this week. Preliminary daily resistance stands with the median line topside contravene/ close above the June lows at 106.78 is needed to recommend a more significant low was register this week with such a situation exposing the 75% parallel, which converge on the January lows at 104.65 weakness beyond this verge would likely see accelerate losses for the targeting greenback 103.48 . The JPY/USD has set a clean weekly opening range immediately below downturn resistance.
The trading standpoint, a good place to raise protective stops , we are looking for a reaction here at the median line eventually a topside breach may offer more favorable short entries more rapidly to trend resistance. If price fails here, look for a move below the May lows to authenticate a larger decline targeting the lower parallels. The Review my latest Japanese Yen weekly price viewpoint for a outlook for a longer term look at the technical picture for JPY/USD. The Percentage of traders are net long is now its lowest since July 29th. The Characteristically take a contrarian view to crowd emotion, and the fact traders are net long recommended than yesterday and compared with last week and the recent changes in sentiment warm that the current USD/JPY price trend may soon .