DRodriguezFX
Short

USDJPY to fall further as it trades sharply below 52-week SMA

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
The tide has turned on USD/JPY             as the pair trades sharply below its 52-week Moving Average. Said moving average has been a strong marker of trends in the USD/JPY             for the past two decades, and staying below the 52W SMA keeps our focus lower.
Nice plan, clearly explained. Traders should use caution around 109.00 however, as the BoJ might step in with their sledgehammer to punish shorts.
+1 Reply
Indeed and thanks. ¥109 is a big line in the sand for them--whether or not they can defend it is a real question, though. I tend to agree with my colleague Kristian Kerr here -- https://www.dailyfx.com/forex/technical/article/forex_strategy_corner/2016/03/18/USDJPY-Psychology-Continues-to-Trump-Technicals-PT.html . The Japanese government is unlikely to draw the ire of the G20 by actively intervening in FX markets and starting an outright currency war of sorts.
+1 Reply
Foden Foden
True.
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