USD/JPY Signal - April 23, 2013

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By: DailyForex.com

The USDJPY pair is currently drawing a double-top on the 99.90 resistance and therefore could initiate a larger corrective movement. Investors may therefore short the pair on this level with a stop placed above the psychological threshold of the 100. This scenario would be confirmed by the break of the support at 96.70 which would validate the target on a return to the 93.
Direction: Down
Entry: 99.41
Stop-loss: 100.10

USDJPY Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.