USD/JPY has just reached a weekly high, whilst the chart is now showing some uncertainty as the CB Consumer Confidence report annanoce meant is shortly released at 15:00 GMT. Given the current economic climate and most countries have recessed, I think the general expectation is likely to be a a negative report, meaning the $ may suffer.
This coupled with the Technicals matching up for a short term retracement (Stochastic showing an overbought market & MACD crossing with the signal line) might open the opportunity to short the market.
This is a tricky trade as there is no consensus around the report..... trade with caution!
Trade closed: target reached
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Trade hit target 24hours later at the Jerome Powell's speech at the Jackson Hole Symposium where he announced that the Feds new policy framework for
Federal Reserve Chairman Jerome Powell announced changes to the central bank’s policy framework in a speech at the Jackson Hole economic symposium that were perceived as offering a more accommodative monetary policy