USD/JPY – Week 12 – Daily resistance reached.
USDJPY got the momentum it required to reach new yearly highs from a rally in US government bond yields which extended, even more, the US/Japan rate differential.
In our previous analysis, we expected the price to enter a deeper degree consolidation, without neglecting the scenario in which the price will test the Daily resistance area.
For this week, we are still biased for the pair to start a deeper pullback in order to gain further bullish momentum. The fact that we reached an important resistance level confirms even more our bearish expectations.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
In our previous analysis, we expected the price to enter a deeper degree consolidation, without neglecting the scenario in which the price will test the Daily resistance area.
For this week, we are still biased for the pair to start a deeper pullback in order to gain further bullish momentum. The fact that we reached an important resistance level confirms even more our bearish expectations.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: stop reached
