USDJPY made excess high on 30th Oct, which indicate a liquidation. I am little bit late on this but to turn this pair to much deeper, we need to see new seller while USDollar Index is weakening. Otherwise the Pair will loose momentum for bearish move. JPY is the weakest currency among the major forex pair, let see if there is more buying on JPY , which is sellers on USDJPY. Many retail traders jump on selling USDJPY without seeing the strength of the currency and don’t monitor the follow through. We can’t just trade base on the pattern only. We need to check any related instrument. If buyers of USDollar index come back aggressively, this pair turn very quickly.
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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.