USD/JPY Weekly Signal- Dec. 10, 2013

|

By: John Ursus

USDJPY Weekly 121013

Timeframe: W1 Recommendation: Short Position
Entry Zone: 103.25 – 103.50 
Take Profit Zone: 95.75 – 9600
Stop Loss Zone: 105.00– 105.25

The USDJPY has rallied sharply over the course of several trading weeks. After it set its most recent trading high a violent correction spanning four weeks was followed by another rally which has led this currency pair back to the top of its resistance level.

This currency pair is now in the process of forming a double top formation which is a bearish chart pattern and it may be strong enough to allow a correction in this currency pair. Should the USDJPY reverse its current trend it will face its first support level around 99.50 and a breakdown could open the way back down to below 96.00

Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.