Rajandran R FollowTelecom 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 Trend Reversal and North Korean Missile
20 sec read
Japan’s currency USDJPY, strengthened as North Korean launched a missile that crossed over Japan on 29th Aug 2017. Yen had made a low around 108.27 and made a 2-month low followed by a strong intraday pullback leaving a strong tail on the bar chart. Trading sentiment was extremely negative and the bias still holds negative. However a follow through rally is anticipated in USDJPY and has the probability to establish a short/medium term trend reversal.
Support Zone in USDJPY comes around 108.25. Any possible trend reversal could test a possible resistance zone around 111 in the near term.
Rajandran R FollowTelecom 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)
Finally, the USDJPY strengthening came to an end from a short-term perspective. Last Friday USJPY rallied to 151.94 levels surging past the August 1990 high...
