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The ratio of long to short positions in the USDJPY stands at a massive 8.03 as nearly 90% of traders are long. It seems increasingly likely that the US Dollar will continue to test record-lows against the Japanese Yen amidst such one-sided crowd sentiment.
After reaching a record low of 75.94 on Friday, the market is now focused on a probable intervention from the BoJ after the government and Central Bank started discussions over new intervention to sell the yen and buy U.S. dollars in the Forex market.
the chart is showing that the pair is trading under level 77.00 , that's mean the down trend is standing and the pair might reach 76.00 , but if the pair succeeded in breaking 77.00 , it will head to 77.30 and then 77.50
the daily candle for yesterday was bullish doggy formed . but still the pair trading down the daily down trend showen . anyway it looks like the pair will retest the up level at 77.20. and if it close over it should see more upward movment .
If a M15 close above 77.20 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76.30 sell only and do not buy. If price closes back above it again do nothing
The range 77.20 and 76.30 is neutral area, any trade done in between is personal decision and not part of this analysis
The yen is expected to weaken further until Aug 30, according to the Jyske Bank Team, who recommends investors to buy USD/JPY, targeting 79.50, with stop loss at 75.75.
It is more likely to go up to around 77.12 than 77.32, and after that, it might have potentially to go down.
the pair is trading now above the level of 76.50 and that's mean the uptrend is still standing and the pair might reach 76.80 , but if the pair succeeded in breaking 76.50 , it will continue in down trend heading to 76.30 and then 76.10
Now, with the all-time low set at 75.936 for the time being, Japanese governmental officials made the rounds over the weekend and at the start of trading this week by further suggesting that they are “watching” the markets once more
we can see that the pair has closed it's daily candle above 76.50 . so , that's means that up trend is expected and the pair might head to 76.80 and then 77.00 ,but also the hourly correction is expected before continue in the up trend