DDMARKETS
Long

USDJPY Technical Crossroads: Will it Break Higher?

FX:USDJPY   U.S. Dollar / Japanese Yen
President Trump threatened a government shutdown should Congress fail to pass the bill for wall at the Mexican boarder and change immigration laws to merit points. We have not seen a significant reaction to these comments that were made on Sunday but we are noting a weaker USD against a basket of currencies.

USDJPY reached its 4hr resistance, which was tested following the recent 4hr close. Rather than attempting a short trade in the currency pair, a 4hr close above the resistance may pave the way for further gains towards 111.35. The technical analysis is a fairly classic breakout strategy which may take some time to materialize.

The Bank of Japan (BOJ) monetary policy is scheduled to be held during the Asian session, which may trigger some volatility in JPY pairs and crosses in the Forex market. Many wonder whether the BOJ will begin layering its plans for exiting the current Quantitative Easing ( QE ) program as it was hinted on several occasions in the past.

Do not that this is a strictly short-term strategy, which is not aimed to target hundreds of pips.
Jul 31
Trade closed: target reached: The breakout strategy has acquired its target following the BOJ monetary policy meeting, USDJPY is trading at 111.54 at the time of this writing,
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