USDJPY: Trapped between two levels
Price is currently 'trapped' in between two key levels, a 61.8 retracement level from the regular divergence setup; and the previous support structure level which also coincides with a 127.2 extension level.
Fundamentally, the USDJPY-1.19% should eventually go higher, with respect to the FED raising their interest rates; and the BoJ continuing with their abenomics.
However, we are going into a year end period, and with the JPY-1.19% serving as a funding currency, we might see further liquidating of JPY-1.19% positions pushing the USDJPY-1.19% lower.
YouTube: youtube.com/user/akyong9
Website: fxpresearch.com/
Signals: fxpipsology.com/
Fundamentally, the USDJPY-1.19% should eventually go higher, with respect to the FED raising their interest rates; and the BoJ continuing with their abenomics.
However, we are going into a year end period, and with the JPY-1.19% serving as a funding currency, we might see further liquidating of JPY-1.19% positions pushing the USDJPY-1.19% lower.
YouTube: youtube.com/user/akyong9
Website: fxpresearch.com/
Signals: fxpipsology.com/
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