USDJPY: Still waiting for BoJ Intervention
I don't believe the BoJ have gotten involved yet, or if they have it's going under the radar.
I believe this pair has only slipped due to USD retracement following the NFP and softer labour market data last week.
With retailers now net short I think that we'll see another push back up. We have broken my rising wedge line related idea, however unless we break below 1.487 then we're still in the uptrend.
I now see it as unlikely we'll get to 154 and the BoJ intervention will surely come if necessary (it may not need to if USD keeps falling).
Overall no confirmation of reversal so I'm long again when I et the LTF signal, but setting 151.65 as the target with tight SL (and will keep moving it up) as I don't want to get caught in a buy up here.
Let's see what this week brings.
I believe this pair has only slipped due to USD retracement following the NFP and softer labour market data last week.
With retailers now net short I think that we'll see another push back up. We have broken my rising wedge line related idea, however unless we break below 1.487 then we're still in the uptrend.
I now see it as unlikely we'll get to 154 and the BoJ intervention will surely come if necessary (it may not need to if USD keeps falling).
Overall no confirmation of reversal so I'm long again when I et the LTF signal, but setting 151.65 as the target with tight SL (and will keep moving it up) as I don't want to get caught in a buy up here.
Let's see what this week brings.
Comment:
So good so far...
Trade closed manually:
Happy with 170 pips here, could reverse any time
