24052023 - #USDJPY
Yesterday was much a risk off day with indices coming down but USDJPY ended flat as USD continue to shine (I am bullish on DXY and still is).
Other currencies showed bearish price action against yen. But if you look at the daily candles, not much clue on the next direction; price look like it is just consolidating. Yesterday's candle is a doji; will it be a reversal candle? If DXY is to strengthen further as I mentioned, a reversal here will indicate risk off and probably further downside in indices.
For now, price is capped by PZ; thus expect 138.25 to trade minimally (20 pips downside is nothing, yes). And based on the above thesis (of risk off), will like to see 137.67 trade today (stay bearish below 138.23 and trail stops to possibly 136.91.
Other currencies showed bearish price action against yen. But if you look at the daily candles, not much clue on the next direction; price look like it is just consolidating. Yesterday's candle is a doji; will it be a reversal candle? If DXY is to strengthen further as I mentioned, a reversal here will indicate risk off and probably further downside in indices.
For now, price is capped by PZ; thus expect 138.25 to trade minimally (20 pips downside is nothing, yes). And based on the above thesis (of risk off), will like to see 137.67 trade today (stay bearish below 138.23 and trail stops to possibly 136.91.
Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
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.