Yen weekly channel support held. Gap-fill below @ 112.474.
Since the BOJ announced their NIRP policy, we've seen a massive strengthening in the USD/JPY cross. Yen volatility is highest across major traded currencies and even across most asset classes - oil included!
We've seen the bottom TL of the weekly channel hold up as reliable support this week. I ultimately think the market will continue to try to call Kuroda's bluff and we'll see the pair strengthen further. However, until we see that trend support breakdown, the risk/reward doesn't warrant adding shorts here below 115. That said, there's a small gap at 112.571 that could be a nice target to fill. I won't be added to my short position at these current levels.
We've seen the bottom TL of the weekly channel hold up as reliable support this week. I ultimately think the market will continue to try to call Kuroda's bluff and we'll see the pair strengthen further. However, until we see that trend support breakdown, the risk/reward doesn't warrant adding shorts here below 115. That said, there's a small gap at 112.571 that could be a nice target to fill. I won't be added to my short position at these current levels.
Trade active:
Bearish TL support breached < 1.14. Adding to my short, targeting the gap-fill at 112.474