25052023 - #USDJPY
On Tuesday, market formed a doji and I said yesterday that expect a move down to re-test the lows (20 pips) and I was bullish DXY but indicate we might see risk off. Market hit the lows, did a fake out, then rallied higher. The BZ gave the lows and DXY did go higher and indices was risk off but still USDJPY went up.
Today, we are approaching 139.89. It is a strong resistance. Am looking for some pullback/reversal from there. Overall, am still bullish dollar, though yes it had made a huge up move the past few days and could consolidate first. And I am still risk off (despite NDX rally, it looks fake to me).
Taking into account the 2 points, IMO 139.89-140.31 is still levels to not hold longs but look for shorts. Just a point, note how nicely price made a fake dip down earlier on to the BZ before the move higher.
Today, we are approaching 139.89. It is a strong resistance. Am looking for some pullback/reversal from there. Overall, am still bullish dollar, though yes it had made a huge up move the past few days and could consolidate first. And I am still risk off (despite NDX rally, it looks fake to me).
Taking into account the 2 points, IMO 139.89-140.31 is still levels to not hold longs but look for shorts. Just a point, note how nicely price made a fake dip down earlier on to the BZ before the move higher.
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