USDJPY Reversal (Technicals/Fundamentals)
My previous analysis called for USD long last week but this week it looks like we can change from bull to bear after last week price action, economic data and statements made by Fed chair Janet Yellen during two testimonies before congress we can say that we have a weaker dollar for now.
Price rejected major resistance at 114.500 early in the week and has been falling since with majority of the drop coming from bad inflation news on Friday and emails regarding Trump Jr and Russia leaked on Tuesday. We see a nice head and shoulders pattern on the daily chart. Looking for more downside to the 112.000 area. It looks like gold broke out of its downtrend as well on a weaker USD.
Price rejected major resistance at 114.500 early in the week and has been falling since with majority of the drop coming from bad inflation news on Friday and emails regarding Trump Jr and Russia leaked on Tuesday. We see a nice head and shoulders pattern on the daily chart. Looking for more downside to the 112.000 area. It looks like gold broke out of its downtrend as well on a weaker USD.
Comment:
UJ turned lower on a weaker USD. Currently in demand, looking for a retest of the TL for more downside.
Comment:
boom
