After the massive drop in week 1, USDJPY confined itself in a ranging state. In week 1, the analysis points towards a bullish trend, however, it was for USDJPY to make a second leg to the low, forming a complete reversal pattern and to rise after. However, what we have seen in week 2 is quite different. The pair did not move down as expected, in fact, it is moving slowly upwards, reflecting a strong overall bullish state of the pair.
Small and slow movement usually reflects a strong trend, therefore, for USDJPY, I will maintain a long call on them, even though a second leg does not look possible now. It seems to be moving upwards quite persistently. I will continue to watch USDJPY and most likely not trade, as currently, my most comfortable pair would be GBPUSD, EURUSD, USDCHF followed up USDJPY.
However, it does look promising for a good rise in week 3. I hope you will make good returns from USDJPY if you are trading it.
If you have any thoughts on USDJPY's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
Small and slow movement usually reflects a strong trend, therefore, for USDJPY, I will maintain a long call on them, even though a second leg does not look possible now. It seems to be moving upwards quite persistently. I will continue to watch USDJPY and most likely not trade, as currently, my most comfortable pair would be GBPUSD, EURUSD, USDCHF followed up USDJPY.
However, it does look promising for a good rise in week 3. I hope you will make good returns from USDJPY if you are trading it.
If you have any thoughts on USDJPY's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
