And welcome to a new week- our recent tradingview charts were unfortunately removed due to us breaking house rules of including our website in the title. So we are reposting this US dollar Japanese Yen setup from Friday which is still live. Friday was an extremely technical day with option expiry's driving Yen pricing into the end of the Asian trading week and Tokyo close and then keeping the pair on a short leash into the actual expiry deadline in early New trading.
We have a toppy setup forming in US dollar versus Japanese Yen as the pair approach the top of their recent trend of 109 to 112. We are looking to enter a short trade here with multiple technicals lining up to confirm the naked trading view that the market should head lower after reaching at the top of the recent range.
Our TradingView charts show the resistance and support levels highlighted in purple along with various technical indicators backing up our view. Slow stochastics are at extreme levels and starting to turn lower on shorter time frames, looks overbought and are at the top of the range.
There is a large option expiry of around 1bn at 112 area which will expired on Friday afternoon helping the pair close above 112 on the daily but at overstretched levels points to a retreat lower as option technicals diminish.
Good luck trading
Team at forexTrdr
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