Saw a spike to 111.04 low ahead of rebound to regain 112.00 level. The long lower wick suggest recent decline is stalling and a correction to retrace the recent sharp selloff from the 114.87 high now in focus. Lift over 112.310 will see stronger recovery to 112.80 then 113.38 to 113.60 area.
Here at Unique Forex we combine our team's 40+ years of trading...
The ratio of long to short positions in the USDJPY stands at 2.22 as 69% of traders are long according to a survey of retail traders at several brokers. Yesterday the ratio was 2.21; 69% of open positions were long. Long positions are 4.3% higher than yesterday and 5.8% above levels seen last week.
We use these statistics as a contrarian indicator to price...
Declining below 1.1000.
• EUR/USD has broken hourly support at 1.1070
(04/02/2016 low) and is now holding below it. The
short-term technical structure still suggests a
further bearish move. Hourly resistance lies at
1.1139 (19/02/2016 high). Expected to decline.
• In the longer term, the technical structure
favors a bearish bias as long as resistance
holds. Key...
We have 2 scenarios to join this pair.
Scenario 1 - go with the break of the trend line
Target 1: 0.7180
Target 2: 0.7230
Stop Loss: Exit if price closes below 0.7100
Scenario 2 - after the double wave duplication
completes look to buy from the 0.7080-70 zone
Target 1: 0.7140
Target 2: 0.7180
Stop Loss: Close below 0.7070
