akyong

USDJPY: Trapped between two levels

FX:USDJPY   U.S. Dollar / Japanese Yen
177 0 6
Price is currently 'trapped' in between two key levels, a 61.8 retracement level from the regular divergence setup; and the previous support structure level which also coincides with a 127.2 extension level.

Fundamentally, the USDJPY-1.19% should eventually go higher, with respect to the FED raising their interest rates; and the BoJ continuing with their abenomics.

However, we are going into a year end period, and with the JPY-1.19% serving as a funding currency, we might see further liquidating of JPY-1.19% positions pushing the USDJPY-1.19% lower.

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