USDJPY: reversal pattern formatted at the key level on 1D chart
Technical analysis: If we look at the daily chart we can see that pair is rejecting higher prices in the last few days around 124.419 level. That means that buyers are loosing their power, and we have sell confirmation reversal pattern formatted at the key level on daily chart.
Fundamental analysis: Yen weakness has accelerated recently on the back of USD strength. Yen is at a 12-year low against the dollar. Sentiment on the JPY can turn bullish quickly if there is severe uncertainty in the markets. Language from the BOJ shows they believe a recovery is beginning and QQE is having its intended effect. Recent positive GDP readings have dampened speculation of any additional easing.
Fundamental analysis: Yen weakness has accelerated recently on the back of USD strength. Yen is at a 12-year low against the dollar. Sentiment on the JPY can turn bullish quickly if there is severe uncertainty in the markets. Language from the BOJ shows they believe a recovery is beginning and QQE is having its intended effect. Recent positive GDP readings have dampened speculation of any additional easing.
Trade closed: target reached:
Target reached at 121.529