The yen could strengthen against the dollar further as the dollar starts to turn weak on weakening Fed hike expectation.
USDJPY was seen breaking below a symmetrical triangle and a demand zone was created as a result which may aid the price to fall further.
The dollar may retrace higher at the beginning of the week and that will cause USDJPY to retrace back into the demand zone.
When that happens, wait for a clear reversal signal to short. The price will most likely fall beyond 112 into a 3-month supply zone.
USDJPY was seen breaking below a symmetrical triangle and a demand zone was created as a result which may aid the price to fall further.
The dollar may retrace higher at the beginning of the week and that will cause USDJPY to retrace back into the demand zone.
When that happens, wait for a clear reversal signal to short. The price will most likely fall beyond 112 into a 3-month supply zone.
Note
USDJPY gained as dollar retraced from previous loss.113.3 will be the current important level to watch.
Note
USDJPY is still on the rise as DXY unexpectedly jumped to previous high at 97.5.On the flip side, both USDJPY and DXY are considered at the extreme high of their own range, thus providing good resistance to consider a short trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.