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Market Analysis

USDJPY has reached our profit target perfectly, prepare for further rise

June 01, 2018
BY Emma Richards

USDJPY has made another bullish exit with great upside potential.

Buy above 106.48. Stop loss at 105.81. Take profit at 108.51.

Reason for the trading strategy (technically):

Price has rose perfectly to our profit target and looks poised to rise further after breaking a strong descending resistance-turned-support line. We look to buy above 106.48 (Fibonacci retracement, horizontal overlap support, breakout level) for a push up to 108.51 (Fibonacci retracement, horizontal pullback resistance). We do have to be cautious about 107.78 resistance as price might react off that level.
RSI (89) has made a similar bullish exit signalling a change in momentum from bearish to bullish.


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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.

Disclaimer: The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics.


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