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USD/JPY Signal - Donald Trump USD Problems - 2 Nov 2016

Signal details
Entry Price: 
104.00
Close Price: 
103.28
Direction: 
Low
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 3 ratings

In the past day and a half the USD/JPY has been sliding, going down from the 105.1 levels to the price of 103.47 (also a weekly low). The decline in the pair’s pricing is happening owing to Donald Trump recently gaining more popularity in the polls. Nevertheless before an even bigger drop in the USD/JPY there is a chance for a short term correction which we are seeing as an opportunity.

Looking at the more technical aspects we can see that the price of the pair went a bit up and broke the immediate support at the level of 103.52 (oct. 21 low). Right now the pair is open for testing the immediate resistance which is located at 104.00. That is why it is appropriate to assess the 104.0 level as a target price at which we would be buying daily puts heading for the 21:00 GMT expiration.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.