Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

USDJPY Momentum Here to Stay

47 sec read

Yet another classical technical view on USDJPY as it comes out of the classical 200 Moving average (110.20) with a short covering. The Interesting part is that so far 7 attempts had made to close above 200MA since May 2018 all ends in vain. However current short-covering in USDJPY started with the speech of Peter Navarro, “one of President Donald Trump’s top trade advisors, said the market was overreacting to fears the administration would restrict foreign investment as part of its trade actions against China and other countries,” according to CNBC.

Trading sentiment on the Daily charts turned positive. Responsive Coppock the bull market indicator is holding with an increased positive slope. which brings the anticipation towards a high probable sustained momentum.

USDJPY Daily Charts

USD Monthly Charts

Monthly RSI Momentum indicator is holding positive for the last two months and the USDJPY monthly sentiment went extreme during APR 2018. And the monthly sentiment is likely to hold positive as long as 109 levels are likely to protect on the downside.

USDJPY Yearly Profile

USDJPY Point of Control for the year 2018 is around 109.35. Also during Feb 2018 and Mar 2018 USDJPY dipped below the 2017 year low but failed to hold below that. It is a failed breakout so far which has the higher potential for a short covering rally in USDJPY towards the 2017 year high 118.60 or even higher

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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