USD/JPY (Analysis) 19Aug2016

The abbreviation for the U.S. dollar and Japanese yen (USD/JPY) pair or cross for the currencies of the United States (USD) and Japan (JPY). The currency pair shows how many Japanese yen (the quote currency) are needed to purchase one U.S. dollar (the base currency). Trading the USD/JPY currency pair is also known as trading the "gopher". - Investopedia

 

USDJPY-19082016a

 

The daily chart of USD/JPY shows the price breached Head and Shoulders Pattern neckline, suggesting a path to 99.02 YTD low.

The price broke down from 100.158 primary support level based on QuantDS FX Data indicating a continues bearish trend.

Prices to watch:  99.844, 99.687, 99.530, 99.028

Pair could extend losses to multi-year low 93.00

Suggestion: Short USD/JPY

TRADE AT YOUR OWN RISK!


 

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