This play is visualize the monthly candle for USDJPY, and also based on the good numbers on NFP.
Inshort, STRONG USD, WEAK YEN until further action from BOJ.
Both are for swing trading, updating this because will be busy next week and probably will take some time off chart as well, will put a buy limit when structure breaks
Inshort, STRONG USD, WEAK YEN until further action from BOJ.
Both are for swing trading, updating this because will be busy next week and probably will take some time off chart as well, will put a buy limit when structure breaks
• Strong NFP numbers on Fridays, however, due to bank holiday, no liquidity, hence we will wait for Monday/Tuesday to get into the market
• Yield numbers are looking good as well, uprising, this supports the strength in USD. (Market was closed on Friday as well. So NFP numbers are not reflected.
• This week looks quite short, so volatility in the market could be high, this will also set a tone for how USDJPY will move in the month of April
• BOJ has so far do not have plan for the weak yen, so we can expect the JXY to further decline.
Expected scenario for bearish view:
• ISM Services PMI number look bad that drop the confidence of investor in USD
• FOMC meeting gives negative expectation for USD
• Fed Chair Powell speech gives negative expectation for USD
Resistance level that will be reached within the week if USDJPY remains bullish:
This level gives potential short setup for price to retest, but lets look at how candle sticks are form when it comes close to these levels.
• 111.754 (March 25 2020 high)
• 112.2 (March 21 2020 high)
• 112.423 (April 24 2019 high)
• 114. 014 (November 27 2018 high) – likely to be month ‘s high
If USDJPY Closed the week above 112.500, then 114.014 will be a likely target for the week (12/4/20221 – 17/4/2021)