USDJPY waiting to enter long on a reversal signal!
As we mentioned in our previous note that dollar may not be able clear 115.10 area.
After having a series of central banks decisions, Markets are posing toward Risk-On mode now. AUS, Kiwi along with stocks welcomed Fed's softer tone.
Fed remain dovish with respect to market expectations and turned down the hast for raising rates. On the other hand Boj remained unchanged inclined toward keeping expansionary monetary policy with bond buying and -ve rates.
We expect dollar to lose a little more against high yielding currencies (aussie and kiwi) but gain against carry currencies, Yen in particular, EURO may be an exception because inflation has started picking up there , although at fragile levels.
Technically USDJPY is retesting the confluence supp at swing low 111.68 and trend break line.
The big picture shows a prospective bullish flag setup. We will wait for a reversal signal before taking a long positions.
Trade with care....
NOTE: OUR IDEAS ARE APPLICABLE ON DAILY TIME FRAMES ONLY....
After having a series of central banks decisions, Markets are posing toward Risk-On mode now. AUS, Kiwi along with stocks welcomed Fed's softer tone.
Fed remain dovish with respect to market expectations and turned down the hast for raising rates. On the other hand Boj remained unchanged inclined toward keeping expansionary monetary policy with bond buying and -ve rates.
We expect dollar to lose a little more against high yielding currencies (aussie and kiwi) but gain against carry currencies, Yen in particular, EURO may be an exception because inflation has started picking up there , although at fragile levels.
Technically USDJPY is retesting the confluence supp at swing low 111.68 and trend break line.
The big picture shows a prospective bullish flag setup. We will wait for a reversal signal before taking a long positions.
Trade with care....
NOTE: OUR IDEAS ARE APPLICABLE ON DAILY TIME FRAMES ONLY....
