USDJPY Potential Downsides
Hey Traders, USDJPY was trading in an uptrend, but after Friday's NFP data USDJPY managed to breakout the trend and now in a correction phase. i expect USD to be more weak in the short term until the release of CPI data by Tuesday so we can have a more clear vision of fed monetary policy. High CPI indicates more of a restrictive monetary policy so more of a strong dollar and USDJPY upsides. a soft CPI indicates more of a dovish FOMC and then more USDJPY downsides.
Technically we noticed the breakout of the uptrend so i will be monitoring USDJPY for a potential retrace of the trend around 136.1 zone. in case CPI is soft by Tuesday i would set 132.7 as a target as it's the next decent resistance and support zone the pair will be facing.
Trade safe, Joe.
Technically we noticed the breakout of the uptrend so i will be monitoring USDJPY for a potential retrace of the trend around 136.1 zone. in case CPI is soft by Tuesday i would set 132.7 as a target as it's the next decent resistance and support zone the pair will be facing.
Trade safe, Joe.
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