justatrader

USDJPY completes its declines. Time to look for longs

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             fell to the 100 level earlier today on the Brexit outcome. As anticipated, price action has been flirting with the major support level seen near 100.50 - 94.50. We could therefore expect to see a reversal off this level over the next 3 months. If the neckline resistance at 124.00 is broken, USDJPY             could extend gains to 150.

With Brexit out of the way, BoJ is likely to go full steam ahead with its monetary policy easing. Next meeting is scheduled for July. Meanwhile US dollar             is looking bullish in the near term as Fed likely to hold back on hiking rates. We could expect a near term US dollar             strengthening and perhaps a return to the 'stronger dollar' theme.
Beautifull catch!
+1 Reply
justatrader Yahia.Awes
Cheers!! USDJPY has personally been the most profitable currency this year. Hope this new leg to the upside will be equally as good.
+1 Reply
Yahia.Awes justatrader
I am surprised myself it did not rocked launch yet. You can check the weekly channel it has breached in my profile charts. For me I keep scalping and daytrading untill I see clear trend direction. This could be a serious one if the shoulder gets confirmed.
+1 Reply
SO GOOD
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