USD/JPY: Death Cross For First Time Since Dec 2015

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It may sound scary, but there could be a big opportunity. The last time it happened the pair dropped over 2000 pips in six months. Will it happen again? The team at SocGen explains:

Update That death cross proved decisive

Here is their view, courtesy of eFXnews:

Societe Generale FX Technical Strategy Research notes that USD/JPY charts point to a ‘death cross’, confirmed this morning as the 50-day USD/JPY moving average edges below the 200-day moving average.

The last time this happened was in December 2015, when USD/JPY was above 122. By June 2017, it had broken below 100,” SocGen adds.

In the short term, SocGen expects the pair to extend south towards the head and shoulders targets at 111.20/111.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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