08 September USD/JPY technical analysis


The USDJPY hit a new high this year but subsided after the weaker than expected Jobs data from the U.S NFP

JPY, JAPANESE YEN, YEN, CURRENCY FORECAST, JPY OUTLOOK, USDJPY, USDJPY FORECAST, TECHNICAL ANALYSIS, 8 SEPTEMBER

With no interference from the BOJ, the pair is likely to resist at 105 –105.3 and may form a head and shoulders before the market takes profit and pushes the price back lower. Staying above 105.7 is uncharted territory for this year at least, unless new data arises that continues the USD rally for last week.

JPY, JAPANESE YEN, YEN, CURRENCY FORECAST, JPY OUTLOOK, USDJPY, USDJPY FORECAST, TECHNICAL ANALYSIS, 8 SEPTEMBER

Intraday traders may have spotted the lower high on the candlestick chart as well as the Traditional MACD. Looks like a short is in place for aggressive traders:
Short USDJPY below 104.9, Stop loss 105.35 (before spread) TP 104.7, 104.46. 104, 103.8

JPY, JAPANESE YEN, YEN, CURRENCY FORECAST, JPY OUTLOOK, USDJPY, USDJPY FORECAST, TECHNICAL ANALYSIS, 8 SEPTEMBER

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