Profit taking USD/JPY - Forex Trading For Profit

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Profit taking USD/JPY

Profit taking on USD/JPY
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Profit taking USD/JPY at resistance 104.00.

After the rapid rally on U/J last week it rose enough for some nice profit taking and now expect it to fall back towards support levels. Price was rejected off the 100ma on the daily at 104.00. This was expected given the rate U/J rallied made a perfect place to cash in. Set up was posted last week.

USD/JPY Key levels

> Resistance 106.00, 104.00
> Support 102.00, 100.00

What is interesting here is a breakout out to the upside of the triangle which could indicate a possible trend change for USD/JPY. Keep an eye on price for a pull back to the triangle line and a signal to go long again around the 102.00 support level.

Price had made a lower bottom at 100.100 than the previous low at 99.70.  A double bottom set up is also in play once price moves past the 104.00 handle.

profit taking USD/JPY

A break past 104.00 and we could be looking at price rallying up to 106 to 108 levels.

108 Levels will also meet the 200MA on the daily time frame.

NFP on Friday was a good number coming in at 156K . It might of been below forecast but anything above 100K is enough to keep the Feds in Hike mode.

Average Hourly earnings came in as expected.  Fed’s Fischer says  it was a close call for a September Hike. Feds George stated she would of  preferred rates be raised to .75.

Its looking more and more like a hike this year and this could be enough to push USD/JPY back up to 110 be the end of the year.

U/J now resting on support level of 102.950 and would need to see a close above 104.00 to go long again. A close below 102.950 and we may see it drift back down to 102.00 levels.

Some nice profits taken on USD/JPY and now waiting for the next set up.

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