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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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USDJPY collapses after breaking higher. Was that the exhaustion move?

USDJPY collapses after breaking higher. Was that the exhaustion move?

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

USDJPY: False break higher and time for a big correction?


This morning USDJPY broke higher above resistance at 145 only to be hammered back down. Peaking a few pips from the 1.764 Projection of the August correction at 146.27 buyers ran out of steam.
Sell-off have taken USDJPY below its short-term rising trendline. The sell-off has (at the time of writing) spiked below support at 141.50 now trying to get back above the rising trendline. See the 4 hours chart.

This could be the Exhaustion of the past 6 months strong bull trend in USDJPY, the closing price today will shed more light on that. If closing below 141.50 the top is likely to be in place and a reversal is seems to be a given.

If that scenario plays out selling pressure down to the 0.618 Fibonacci retracement at 136.31 is likely.  RSI is showing divergence indicating weakening of the uptrend supporting the trend exhaustion picture.

If buyers come back in and manage to close USDJPY above 145 there could be more upside potential to the strong resistance

Source: Saxo Group
Source: Saxo Group
Source: Saxo Group

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