USD/JPY Pulling Back after Reaching Target

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USD/JPY Pulling Back after Reaching Target

9:00 AM (EST) Update

USD/JPY Daily: After reach our target of 1.25, now pulling back while remaining above Ichimoku Cloud’s .

Forex Trading Idea: wait for confirmation above 125.482 before entering bullish position

Technical Analysis: After ranging inside an extended triangle for over 5 months, the dollar-Yen pair finally broke above a very important psychological level and reached an 8 year high of 123,above the Ichimoku cloud and reached our first bullish target of 125.48. With the RSI heading down, this could either be a correction or a trend change.

Economic Points:

the Dollar gave back most of the gains it made on the back of the Non-Farms number. Investors took caution from president Obama’s words at the G7 press conference, where he said that Dollar strength could be a problem. He later denied the remark, but the horse had left the stable by that time. 

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
121.50 121.50 124
119.50 119.50 123