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Faraday: Buying opportunity in USDJPY

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January 25, 2016 for, forecast, foreign exchange, foreign exchange market, foreign exchange strategy, foreignexchange, forex, forex 2014, forex 2014 outlook, forex 2015, forex 2015 outlook, forex and more, forex aud, forex audusd, forex audusd short, forex buying, forex eurjpy, forex eurusd, forex exchange, forex gbpusd, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex selling, forex strategy, forex trade idea, forex trade ideas, forex trading, forex trading 2014, forex trading 2015, forextrading, formación, forward guidance, frx, fx, fx award, fx crosses, fx exchange, fx forex, fx forexf, fx interbank markets, fx investing, fx market, fx markets, fx options, fx saxo bank, fx spot, fx strategy, fx trade, fx trade idea, fx trade ideaf, fx traders, fx trades, fx trading, fx tradinging, fx trends, fx volatility, fx volatitily, fxallocationmodel, fxfx, fxmarkets, fxmonthly, fxoptions, fxspot, fxtrade, jaop, jap, jap yen, japan, japan buy bonds, japan consumption, japan deflation, japan easing, japan economy, japan gdp, japan growth, japan inflation, japan pm, japan prime minister, japan sales tax, japan stimulus, japan tax, japan yen, japan-china island dispute, japanese, japanese banks, japanese economey, japanese economy, japanese exports, japanese finance minister, japanese gdp, japanese government, japanese parliament, japanese politics, japanese prime minister, japanese yen, japanesestocks, japanisation, japón, jp, jpjp, jpm, jpn, jpy, jpy 110.00, jpy cross, jpy crosses, jpy highs, jpy levels, jpy lows, jpy strength, jpy weakness, jpychf, jpyusd, saxo bank, saxo tv, tradingfloor.com, us, us dollar, us economy, usa, usd, usd index, usdeur, usdgbp, usdjpy, usdjpy bearish, usdjpy currency, usdjpy falls, usdjpy risk, usdjpy trading, xau, xauusdf, xauusdfxf, xauusdfxff
Faraday Research analyst Thomas Light is tracking what he believes is a buying opportunity in USDJPY after the safe haven yen weakened following the ECB statement last week. 

"If we take a look at USDJPY’s daily candle chart you'll see that the market respected the all-important August lows at 116.00 and buyers stepped in to drive prices higher, snapping USDJPY’s descending trend line.  This sharp burst of bullish momentum signals a change in the dynamics of the market and puts us on guard for a potential buying opportunity." explains Thomas and he adds that he's looking for a retracement back down into the broken level of resistance in order to join this short term uptrend.

Limit order to buy at 118.43 

Stop:117.75 

Limit order to take profits around 1.5 X risk at 119.45.