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USD/JPY Trend Line Retest (October 11, 2013)

USD/JPY has recently broken below the long-term rising trend line on the 4-hour time frame, signaling that the uptrend may be over.

Before heading any lower though, USD/JPY could still retrace to the broken support zone.

The US government is still shut down and the debt ceiling deadline is approaching. The lack of a deal could weigh on the dollar and reinforce the pair’s selloff. Stochastic is already in the overbought region but has yet to cross lower.

 

131011_usdjpy

Setting a limit order for a short at 98.00 could yield a good reward on risk with a 75-pip stop and a large target of 95.00. This would yield a 4:1 ratio.

By Kate Curtis from Trader's Way

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قیمت ها
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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