Looks overbought and taking a short trade... make quick 20-25 pips profit.
- OANDA:USDJPY is consolidating the 2017 reversal from the 112.50 while markets are awaiting Trump's inauguration and speech.
- Meanwhile, the dollar has been in recovery overnight and US yields have found some support on stronger US data along with the Philly Fed's business survey that affirmed the broad strength in yesterday's Fed's Beige Book.
- The US data also added to the already rising profile for US yield: 10yr rose +5bps to 2.47%.
- Awaiting Trump to speech
- Having said that, all now pointing to short for quick profit
As usual 20-25 pips profit target. Ride with me!