⚡️Strifor || USDJPY-09/01/2024Preferred direction: SELL
Comment: For the yen, the extreme sell scenario (№1) worked out perfectly for us. Quite a quick realisation, although the idea was medium-term. At the moment we are not postponing scenario 2 , which is currently in the works. Here, despite the potential strengthening of the US dollar, the currency pair will most likely fall. The main reason for this is the recovery in prices after the earthquake, which is the main catalyst for the fall of the yen against the dollar. Also today, Japanese inflation data was published, which strengthened the currency in the short term.
Until the publication of inflation data in the US , you can safely continue to sell USDJPY . In the second half of the week, it will most likely be necessary to reconsider this idea, but it is tedious to note that the medium-term prospects will most likely tilt in favor of the seller. Here the volumes and technical picture continue to speak in favor of the seller. Thus, we can expect a fall to levels 140 and 139 .
As a more conservative option, you can refrain from trading on this pair at the moment and consider entering after the publication of inflation data in the US.
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