USD/JPY seen testing possible buy zone, traders...
On Wednesday, China’s Commerce Ministry announced it will slap 25% tariffs on USD 16bln worth of US imports, and will begin collecting these tariffs from August 23rd. China said the moves were necessary counter-measures to US tariffs. Demand for the safe-haven yen pulled the USD/JPY beneath the 111 handle in recent trade, consequently exposing a green H4 support area marked below it at 110.65/110.81. We like this area for possible longs due its construction:
• July’s opening level at 110.65.
• H4 support at 110.76.
• 61.8% H4 Fib support at 110.81 (green line).
• Stop-loss orders below 111 will likely provide bigger players the liquidity needed to buy.
Also bear in mind the top edge of daily demand at 110.28-110.78 converges with 110.65/110.81, along with the current weekly trend line resistance-turned support (taken from the high 123.57) intersecting with the lower edge of the daily zone.
Areas of consideration:
On account of the above, 110.65/110.81 remains an area of interest for possible buy trades today (conservative stops can be placed around the 110.57 neighborhood). A H4 close back above 111 from this area would, in our view, be a solid cue to begin thinking about reducing risk to breakeven and taking partial profits off the table.
• July’s opening level at 110.65.
• H4 support at 110.76.
• 61.8% H4 Fib support at 110.81 (green line).
• Stop-loss orders below 111 will likely provide bigger players the liquidity needed to buy.
Also bear in mind the top edge of daily demand at 110.28-110.78 converges with 110.65/110.81, along with the current weekly trend line resistance-turned support (taken from the high 123.57) intersecting with the lower edge of the daily zone.
Areas of consideration:
On account of the above, 110.65/110.81 remains an area of interest for possible buy trades today (conservative stops can be placed around the 110.57 neighborhood). A H4 close back above 111 from this area would, in our view, be a solid cue to begin thinking about reducing risk to breakeven and taking partial profits off the table.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.