DRodriguezFX
Short

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

FX_IDC:USDJPY   US DOLLAR / 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.
Foden
8 months ago
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
DRodriguezFX PRO Foden
8 months ago
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
8 months ago
True.
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