The greenback continuely trade lower vs Japanese Yen today while trade higher vs Kiwi, Euro, and Loonie.
The main reason I think come from the nature of currency:Yen is a safe haven currency, so traders buy Yen as a place to shelter from the Grexit problem, and because greenback is also a safe haven currency, it is bought vs high risk currencies such as Kiwi and Loonie.
While we still not have an obvious answer for Greece problem, I think this trend could continue despite positve data of USDollar ; today we see Consumer Confidence soared to 101.4; this data could reinforce for the payroll on Thursday.
- Back to Technical Analysis.
USDJPY test the strong support at 122, this is also the old high I mark on the chart.
Moreover, the main and strong bullish trend line is also at this level : 122
USDJPY test Kumo cloud at 122.
To maintain the bullish view: USDJPY couldn't break the Kumo cloud and the trend line.
While I still put my faith on strong Dollar, I don't think USDJPY trade lower the key suppport 122.
I consider the bounce from 122 as a chance to BUY at low level.
I hit a LONG position of USDJPY at current price 122.40, stop loss 121.90, take profit at124 ------------------ Any contact: LH admin: admin@trackingforexsignals.com Support: support@trackingforexsignals.com