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The Yen Slide Continues

Good morning Traders!

The aftermath of Friday’s BOJ meeting continues, with the Japanese Yen extending its decline against many of its trading partners.

EURJPY

EURJPY D
EURJPY W
EURJPY M

EURJPY is in a confirmed uptrend on the Daily, Weekly and Monthly timeframes. The strong buying momentum that followed the BOJ policy meeting on Friday saw the market trading above the December 2014 highs of around 150 and closing above this high, potentially signalling buyers in control.

After the strong push higher, the market is currently overextended from its Moving Averages on all the higher timeframes. Drawing the Fibonacci retracement of the latest Daily move has the area between the 50% to the 61.8% retracement clustering with the previous Daily swing High and the major High on the weekly chart.

I am looking for a pullback to this area to release some of this strong buying pressure, and then I’ll be heading to the lower timeframes for a potential setup long.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

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APLFX (PTY) LTD acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by APLFX (PTY) LTD) in relation to derivative products offered by FS INTERNATIONAL LTD (i.e., the Product Supplier).

By proceeding with opening an account, this will be registered with FS INTERNATIONAL LTD, which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC) with license number 700227. FS INTERNATIONAL LTD falls outside the South African regulatory framework and Vanuatu’s laws and regulations will apply in relation to your account.

APLFX (PTY) LTD is authorised by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 52045.

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