USDJPY having identity issues at the time
Another indecision picture like the one on GBPUSD (link to that idea below) which, to be honest, surprises me a lot since fundamentals for the US seem to be so good relative to other developed peers and a rate hike is on the horizon, as shown by the implied probabilities in Fed Futures Rates.
According to that, I'm long on fundamentals in the medium term and I would be expecting the triangle to break upwards.
Are we waiting for Trumps tax plan announcement? I couldn't find a fixed date for it, and the triangle might be a reflexion of this.
Still, biased long, but waiting for a break to take a trade.
According to that, I'm long on fundamentals in the medium term and I would be expecting the triangle to break upwards.
Are we waiting for Trumps tax plan announcement? I couldn't find a fixed date for it, and the triangle might be a reflexion of this.
Still, biased long, but waiting for a break to take a trade.
Trade closed manually
Comment:
Bulls do seem to be losing the battle tho. Right now I think due to the sharp drops, it's likely we go find the 0.786 Fibonacci at 112.296 and get a bounce since it is such a strong zone of support.
The other scenario which seems less likely due to the strong resistance UJ has found in all recent bull runs, is a break of the triangle it's making today only to go find reliance at or close to the black 0.618 Fibonacci at 112.842 which forms a heavy resistance zone with the blue Fibonacci.
The other scenario which seems less likely due to the strong resistance UJ has found in all recent bull runs, is a break of the triangle it's making today only to go find reliance at or close to the black 0.618 Fibonacci at 112.842 which forms a heavy resistance zone with the blue Fibonacci.
We are just in big big indecision across all USD pairs. GBPUSD breaking it's triangle and signaling strength, still too early to call a trend and therefore we face indecision. USDJPY breaking out of a triangle just to get into a bigger one.
If you see the USDJPY it looks a like a big picture of indecision with little indecisions within it. Today's number's might have been disappointing, but they are still within a very positive employment picture and with the prospect of a more likely Fed rate increase. So we have good data and disappointing data, but not bad data. Why are we seeing this indecision? Are we waiting for a big tax announcement?