USDJPY swings down and up between ....well swing areas

Technical Analysis

Author: Greg Michalowski | usdjpy

Support at 105.239 -105.289. Resistance at 105.537-105.60

The USDJPY has swung down and up today.   The first move in the Asian session was initially higher with the 105.537 level  (low of 105.537 to 105.60 - see red numbered area) stalling that swing run higher.  

Support at 105.239 -105.289. Resistance at 105.537-105.60

The subsequent swing move to the downside stalled near the 105.239 to 105.289 area as buyers leaned against that area (see green numbered area).  

After holding support at that lower swing area, the price swung back higher and is back at the higher swing area again (105.537-60 - see red numbered area). 

The swings up and down are swinging between swing areas.  

Needless to say it will take a move above or below the respective swing areas to swing the tide in the direction of the swing.  I know that is a lot of swings in a single sentence (and in a post for that matter), but that's what traders are focused on, so I will go with the flow.....or the swings. 

PS for  the week, the buyers has closed the pair higher on the first 4 days of the week (remember last week, the pair fell 5 consecutive days). The close from yesterday was at 105.36.  The price is currently about 10 pips higher. The low to high trading range this week has been about 154 pips. Last week's trading range BTW was about 189 pips (25 more pips). Let's see 25 pips higher would take the price target to about 105.78 (which was a swing low from September 9th and the low of another swing area between 105.782 and 105.822).   HMMMM.


For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose