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USD/JPY Signal - Japan GDP - Aug 15 2016

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Signal details
Entry Price: 
Close Price: 
Expiry Time: 
20:00 GMT
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Since the beginning of the day the USDJPY pair has been registering a significant drop to a low point of 101.00. Gross Domestic Product numbers released by the Cabinet Office of Japan this morning have been reported lower than expected. The reading that came out today is 0.00% thus it is seen as bearish (negative) for the pair. That said, the Bank of Japan is not in a rush to print even more money, which is weighing on the rate.

Looking at the previous days and the movement of the USDJPY throughout the previous sessions we can conclude that is highly likely for it to re-test to the recently created base in the 100.80 area. We see the USDJPY increasing back to the 101.2 price, a point which we will set as our target price.

Due to the fact that this is a close point from which the price started its downfall today sellers should be in control. We will be buying daily puts at the price of 101.2 heading for the 20:00 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. 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. All risks and coasts associated with online trading are your responsibility.