Wednesday, April 15, 2015

USDJPY Buy Recommendation April 16th 2015

Currency Pair: USDJPY
Timeframe: Hourly Chart (H4)
Recommendation: Buy USDJPY @ 119.300
Take Profit @ 121.100
Stop Loss @ 118.000

The USDJPY is trading at a twin support level on the H4 chart and I think this will be strong enough to push this currency pair higher as I expect a short covering rally to meet a solid rebound in US housing starts which will be released today.

I am going long at 119.300 and look for a nice rally back into resistance. I don't like the US Dollar long, but in this case the signals point towards a counter trend rally.



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