Comments on the chart. This pair is going nowhere if we do not get a clear reversal of the yield curve flattening and a rally in the stockmarket. Trump and the Chinese have to talk.
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Yesterday we had a move up in the stockmarket. However the markets were not convinced and usdjpy did not take out 106.80 not to talk of 107.00 area. Today the stock market is down a bit and the usdjpy is disproportionately down. The conclusion here is that there is still uncertainty in the markets and safe havens - gold, bonds and jpy are still needed. The chart is attempting to put in a bearish reversal which will not bode well. Usdjpy could continue lower to new lows. But the daily candle has not closed yet...
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Massive fall today in this pair conforming there is still risk in the market. Some people must be banging heads on how to support the stock markets. Risk aversion leads to increases in the price of bonds, Yen and gold.
Hi Olu, interesting - I think there is still space for upside move
Olu
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@LEONES, Hi thanks ofr your comments. The markets imho has gotten artificial. How can bonds be way up (yeilds way down) and stock markets way up as well. And gold way up as well. What gives. Anyways we have had a clear break and stay above resistance so there is room for more upside. If Trump/China issues dont re-surface