Technically speaking 155-156 area acted as a critical support for a movement towards 160 last week. testing 156 and loosing momentum was the name of the game for UJ at this current moment. there were rumors of BOJ being the one selling UJ from 160 area and this has reduced bulls confidence. if 156 proves to be stiff , there might be U turn from here towards 152 area where the base support was established long time ago. on the other hand if labor market data in US keeps disappointing , FEDS will probably cut rates even if inflation stands tall. next week inflation data will guide the market even more.
Any strong break above 156 will keep the chances of another 160 open.
better to have a SL above 156 area to avoid market noise.
Any strong break above 156 will keep the chances of another 160 open.
better to have a SL above 156 area to avoid market noise.
Trade active