USD/JPY Reaches First Real Post-Trump Resistance Level | Vantage FX

USD/JPY Reaches First Real Post-Trump Resistance Level

December 12, 2016

Just two more weeks until Christmas… As you can see, these blogs have been toned down to single setups and your trading should be looking to do something similar. Christmas means lower liquidity and with that comes unpredictability. Don’t leave yourself out to dry!

It’s the following daily USD/JPY level that is worthy of keeping an eye on this month, with the following two charts I’ve posted here showing the same daily level, but broken into two after having to scroll back on my Vantage FX MT4 platform.

Just look at the sheer number of touches that the support/resistance zone has received dating back to 2014:

USD/JPY Daily 1:
161212_usdjpy_daily1
Click on chart to see a larger view.

USD/JPY Daily 2:
161212_usdjpy_daily2
Click on chart to see a larger view.

With USD/JPY being one of the biggest winners from the Trump election win, price has gone almost parabolically vertical. This is however, the first real level that price has had to battle through since bottoming out.

I say real level in the sense that it is the first higher time frame level that has previously acted as support, and will almost definitely provide some sort of resistance as price moves to retest the level from the opposite side again.

Follow the @VantageFX Twitter account as we follow price’s reaction on the intraday charts throughout the week and don’t be afraid to tag us in your own charts to continue the discussion.

Do you see opportunity trading USD/JPY? Open a demo with Vantage FX and experience the difference for yourself.

Dane Williams – @VantageFX

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