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Wednesday, 24 February 2016 12:31

Bearish set up on Yen | Bullish set up on USD/JPY

Some setups lead us to believe that, in the medium term, there is a possible short opportunity on March 2016 Japanese Yen Futures or, if you prefere, a long opportunity on USD/JPY.


Looking at the daily chart, we can see that the price is testing the latest top, facing a resistance level.

japanese yen test top trading for purpose

Commitment of Traders

If we look at the COT Index, the commercials bearish stance could confirm our guess.

japanese yen cot commitment of traders bearish trading for purpose


Looking at the seasonality we see a strong bearish trend until the first week of march that would also suggest a bearish reversal.

japanese yen seasonality bearish trading for purpose

Wave Volume

Looking at the 4h Wave Volume chart, we can see that the bullish waves are gradually losing force, suggesting a possible turnaround.

japanese yen wave volume 4h trading for purpose

We need to await the right candle, then it might be worth entering short.
Of course, if you are a forex trader, you can read this signal in the opposite direction for USD/JPY, with the prospect of a rebound.
Remember: this is not a trade solicitation and, if you decide to trade, you do it at your own responsibility.

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