Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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 Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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