Fundamentally, USD is bearish because of current trade wars, China remains at favor because of it's better economical condition compared to USA. It is also noteworthy that last week data on greenback came out disappointed both Retail Sales and CPI with big differences (>0.2). These could be indicating where greenback will go for the rest of the month.
Technically, USDJPY trading at interesting zone, 112-113 which are strong monthly resistance level, after USD news came out USDJPY keep going stronger, this could be fake pump by bigger player. Looking at DXY, current price is ranging from 95.7 - 93.6, I wanna see breakout to downside of 93.6 level before taking short position on USDJPY. Moreover USDJPY bigger timeframe shows that it is in downtrend from 2017, then correction happen in 2018.
To sum it up, I wanna see DXY failing at 93.6 level before taking a trade ! However if strong rejection candle shows at current monthly resistance i will likely to open aggresive trade towards 111.000 (swing trade)
This is my chart from last month and i got some piptalks from Superior4X !
Technically, USDJPY trading at interesting zone, 112-113 which are strong monthly resistance level, after USD news came out USDJPY keep going stronger, this could be fake pump by bigger player. Looking at DXY, current price is ranging from 95.7 - 93.6, I wanna see breakout to downside of 93.6 level before taking short position on USDJPY. Moreover USDJPY bigger timeframe shows that it is in downtrend from 2017, then correction happen in 2018.
To sum it up, I wanna see DXY failing at 93.6 level before taking a trade ! However if strong rejection candle shows at current monthly resistance i will likely to open aggresive trade towards 111.000 (swing trade)
This is my chart from last month and i got some piptalks from Superior4X !