Clive Lambert, of FutureTechs, is planning to sell USDJPY.

He has got a slightly contrarian trade today as the overall trend in USDJPY is higher, but he has done well this week trading this to the short side after we posted a Doji on Tuesday upon hitting resistance at 118.65.

Yesterday saw weakness through support at 116.05 but we’ve rallied in overnight trade, he says.

 

Clive Lambert points out that 116.30-50 is a big area of resistance so as long as we stay below here we can try a short, targeting a return to 115.00 then a move to Fibonacci support at 112.00.

 

Obviously one caveat with any dollar-based trade today is the US payrolls release later today, Clive says.

 

The trade involves selling below 116.30, a stop above 116.65 and targets at 115.10 and 112.10, Lambert concludes.