USD/JPY Possible Setup

by Trader Rich

I don’t provide trading advice in this blog. I don’t think I’m experienced or qualified enough to do so. What I try to do is provide information that you may be able to use when developing your trading strategy. I also like to suggest setups to get some input by others and to get the gears going.

With that aside, there is a pretty decent short setup involving the USD/JPY. The daily shows the price nearing horizontal resistance at 119.37 and a downward trendline at 119.00. In addition, resistance is present at 118.84 on the upper Andrew’s pitchfork line.

I’d look for the pair to make its way back down to the median line at 114.50. With that in mind, Economic Indicators must be taken into consideration with the BOJ meeting today and the policy reports release at 1 a.m. EST Thursday.

I can’t see this doing anything but consolidating at its current level until the upcoming Asian session.

USD Yen Setup