KeownArcher

USDJPY - Is The Dollar In Trouble ?

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
After seeing a series of higher highs and higher lows in a corrective ascending channel , we've now seen a lower high made which could potentially break structure. This was also the 3rd touch off the descending trend line around the 78.6% Fibonacci level. We then saw a break & retest of the ascending channel off the 61.8% Fibonacci level giving us the perfect entry for a sell.

I have an entry and will be looking for more retracements to enter on this pair. News may also play a role as we have the FOMC Press Conference, announcing economic projections and Federal Funds Rate, as well as the first quarterly GDP statistics. These are volatile news events so take note of the date and time. There is also plenty more data coming out for the USD so I believe we can see the Japanese Yen being treated as a safe haven.

As always, trade with risk management and have a great trading week !
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