USDJPY, I said we see a move to first resistance and sell down. I was right for the first part but wrong on the second; market nicely came down to PZ, then rallied to first resistance, sold back down to PZ for a good 50 pips and held there for hours before the US data resulted in another rally up. The levels itself are enough to make you money.
But anyway, so what is it for today? On daily, no signs of weakness (yes there was no weakness for days). So, am not surprised if market give another green day. We probably need some risk off to strengthen yen but it is not so now.
From the chart, can see PZ supporting it; likely move to 145.10 and 145.36, else look for longs after a dip to 144.32. Overall, again, IMO, shorting USDJPY is more of looking for weakness in USD than strength in JPY. Thus going long, say GBPUSD might be a better trade (assuming JPY weakness).
But anyway, so what is it for today? On daily, no signs of weakness (yes there was no weakness for days). So, am not surprised if market give another green day. We probably need some risk off to strengthen yen but it is not so now.
From the chart, can see PZ supporting it; likely move to 145.10 and 145.36, else look for longs after a dip to 144.32. Overall, again, IMO, shorting USDJPY is more of looking for weakness in USD than strength in JPY. Thus going long, say GBPUSD might be a better trade (assuming JPY weakness).
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