- Home
- Analytics
- Market News
- Market Overview
- USDJPY: Intraday retracement?
Market Overview
USDJPY: Intraday retracement?
Yesterday we had a look at the swing scenarios for USDJPY and we signaled a moment of high volatility moment in the market, a situation likely to create great bullish and bearish opportunities for traders after the BoJ Interest Rate decision.
As it is often the case with surprise moves in interest rates, yesterday bears took absolute control and managed to push the price just a few pips shy of the 100.00 key level in just 2 trading sessions. But volatility has not dried out yet, as the pair is now under strong influence of the FOMC statement from last night.
Today we want to signal some short-term scenarios for intra-day traders. Both bears and bulls have their own windows of opportunity around the key technical levels.
Bullish Scenario: green
Bulls are now backed up by a first (yet shy) test of the key 100.00 psychological level, and a short-term (and possibly short-lived) move up is now possible, as market players start taking profits from this first push. price is 100.59 at the time of this writing. Targets are seen around 100.90 and 101.50.
Caution: The trend at this time remains bearish, so any move up is against the main flow - which is why risk management should be taken very seriously. Tight stops are the word of order right now, as any move back towards 100.10 could rapidly turn into unexpected, violent breaks of 100.00. Also, bears are expected to go back in swing shorts on upside corrections - so short-term buyers of the pair are probably planning for quick take profit-and-run trades today.
Bearish Scenario: red
Bears are probably now reloading for another - possibly stronger - test of 100. They are expected to step in as early as 100.90 and definitely around the key hourly/daily level of 101.50, where some kind of reaction is expected. These trades probably have larger stops (around 102), as the targets are equally large (100.00 and 99.2) and their projected time frame could be up to 2-3 days.
Whatever your preference and trading style is, caution is advised at this time due to increased volatility. Happy pip-hunting!
- Slogan: Trading is a business - the most intelligent, challenging and rewarding that I know of.
TeleTrade EU is a multi-award-winning, EU licensed and regulated Cyprus Investment Firm.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2023 TeleTrade-DJ International Consulting Ltd
This website is operated by Teletrade-DJ International Consulting Ltd, which is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11. Teletrade-DJ International Consulting Ltd is located at 88, Arch. Makarios Avenue, 2nd floor, Nicosia Cyprus.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Please read our full Terms of Use.
To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
