FX_Trader_Analyst
Long

USDJPY profit taking after anticipated sell off.

FX:USDJPY   U.S. Dollar / Japanese Yen
84 0 2
This trade analysis is part of my diary. Please let me know if it was helful but also your suggestion for improvements

Price dropped as the repatriation continued in Japan and this drove the value of JPY up. On the other hand Yellen dovish speech and relatively week although better than expected NFP didn't support April hike and doesn't support June hike neither and resulted in USD weakness. Now it's all about US hike expectation.

I see this to be close to the bottom of JPY pairs as BOJ will have meeting at the end of April and they might add another monetary policy tools to further weaken the Yen.

I have a longer term bullish view on this pair however due to the US weakness this might take a while to present itself. I don't see JPY going lower though.

From technical prospective pair experienced significant anticipated sell off on Friday and this week some profit taking might take place. I have closed my sell trade in profit.

Price might head up from 111.5 towards 112.00 before it might continue it's way down. As I'm a longer term bull I'm waiting for higher low as a buy zone somewhere around 111.8 levels.

Should the price brea below 111.5 levels I would be targeting 110.5 for short sell trade.
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