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Forex Trade Signal – Chart of the Week Sept 13th
USDJPY and USDCHF
Since mid-June of this year, the USDJPY has failed to close above the 20ema and has rejected off of it 12x while continuing to find lower ground. We feel the threat of intervention is less than 10% at the moment so until we reach 80, we feel selling at the 20ema is still a great play as the line in the sand has been drawn and we have yet to see any heavy movement on the long side by any means. Look for intraday sells off the 20ema with relatively tight stops above wile targeting the 83.70 lows for this week.
This one is also a no-brainer as its relatively the same trade. Other then a small break above which ended up as a with-trend failure, the pair has rejected off the 20ema 9x previously and continues to find its way lower. Thus, same move as the USDJPY with stops tightly above and for this week set targets at 1.0075 and 1.0015. Until the line fails, keep trading it off the 20ema.
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