21 Nov 2014
USD/JPY: Profit taking noted, bull trend in play - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that some solid profit was noted in USD/JPY, adding that despite the sharp reversal in Europe/US, the bull trend remains in play.
Key Quotes
"After pinging off 119, the pair sold off about +125 pips before finding a ST base. There is a 1hr pin bar off a key intra-day level at 117.75, showing some interest to buy before the close of day."
"I can't say i'm 100% convicned about buying at 117.75 (yet). I'd like to see more basing here preferably, as I'm potentially expecting a deeper pullback. 119 is ST resistance, but I'd be open to buying at 117.06 should we get a deeper push lower, or at 117.75 on a really weak intra-day pullback."
Key Quotes
"After pinging off 119, the pair sold off about +125 pips before finding a ST base. There is a 1hr pin bar off a key intra-day level at 117.75, showing some interest to buy before the close of day."
"I can't say i'm 100% convicned about buying at 117.75 (yet). I'd like to see more basing here preferably, as I'm potentially expecting a deeper pullback. 119 is ST resistance, but I'd be open to buying at 117.06 should we get a deeper push lower, or at 117.75 on a really weak intra-day pullback."