Great idea on USDJPY. In our case, we choose to go with a bullish bias. The USD still holds many attractions and with price pressures seen in this week’s US CPI print and retail sales, should solidify calls for a December hike and perhaps March too. Prices are still forming higher highs and higher lows and RSI is trending higher and has yet to reach the overbought region. Our support target is between 115.72 and 116.16 where a 50% extension lies.
Please take a look at our idea and share with us what you think.
Larrythetrader
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@Pepperstone, you have a point only if we’re able to break our weekly resistance zone. But judging by the monthly timeframe, I can see what you’re trying to apply.
Please take a look at our idea and share with us what you think.