U/J H4 Chart
U/J Daily Chart
U/J Weekly Chart
Technical Analysis
Usd/ Jpy moved between the 86.25 and its recent low 84.85 for almost 3/4 weeks on Daily Chart.
On H4, lifting this currency pair above 85.91 (Resistance 2 on H4) ) shall then retest the recent high 86.37. And only after Breaking this 86..37 will confirm its north bound journey above 87.44 (61.8% Fibo on Daily Chart)
On the Downside, going below the recent low 84.85 shall expose 80.55 (the 1.27 Fibo Ext.)
Trading Strategy
1) Open A Long(Buy ) PENDING order near 86.50 ( Just in Case the possible currency Intervention by BOJ to stamp the rapid appreciation of the Yen)
2) Meanwhile looking for SELLING (Short) the currency pair with tight Stops and Trailing Stops to take advantage of the persistent gaining of the YEN strength due to RISK Aversion ( Please refer to my previous Fundamentals and Technical Analysis on Yen.)
SELLING down the pair on Next market's Asean session , wth target near 84.90 , but watch out for any sign of Currency Intervention from BOJ.
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