USDJPY Market Commentary - 21 Oct. 2020
A lot of things going on right now. Buyers and sellers more stressed than ever. Bullish Dollar or Bearish Dollar? Stimulus or not? To be or not to be is the next question.
USDJPY a clear path though. JPY seems to win the fight between the safe-havens as it usually does in volatile times. Buyers seemed to have faith in a bullish Dollar and this was apparent till 20 Oct. after they got crushed by bears on a triangle breakout.
105.xx got dominated afterwards. A retest would be a stupid move by buyers at this point because it's way too obvious that JPY bulls are serious. (see EURJPY)
Most election speculations appear to be bullish for the Dollar, This belief is backed by factors like what policy the each of the election rivals is to apply or how investors feel safer by holding USD.
On the technical side, price is performing an 1-2-3 bearish impulse move. The final target for bears appear to be the 104.00 big figure that lines up with the 161.8% extension of Wave 1 which was followed by Wave 2 that saw an end after the fakeout.
For the time being, bears have the control of the price. Bulls are hidden in the bushes of 104.00 and are refilling their guns to snipe back to 105.00
After that, elections result will determine the next move...
USDJPY a clear path though. JPY seems to win the fight between the safe-havens as it usually does in volatile times. Buyers seemed to have faith in a bullish Dollar and this was apparent till 20 Oct. after they got crushed by bears on a triangle breakout.
105.xx got dominated afterwards. A retest would be a stupid move by buyers at this point because it's way too obvious that JPY bulls are serious. (see EURJPY)
Most election speculations appear to be bullish for the Dollar, This belief is backed by factors like what policy the each of the election rivals is to apply or how investors feel safer by holding USD.
On the technical side, price is performing an 1-2-3 bearish impulse move. The final target for bears appear to be the 104.00 big figure that lines up with the 161.8% extension of Wave 1 which was followed by Wave 2 that saw an end after the fakeout.
For the time being, bears have the control of the price. Bulls are hidden in the bushes of 104.00 and are refilling their guns to snipe back to 105.00
After that, elections result will determine the next move...
Comment:
A quick glance on DXY
Trade closed: target reached:
Little delayed but here I am; the price hit the 161.80% extension as expected and went back up aggressively.
To be continued in a next idea about the next possible move...
