USD/JPY is expected to rise up. Fundemental and Technical
Updated
Fundementally, there is an increased confidence in the USD and CAD after sealing the NAFTA 2.0 deal. On the other side for the JPY things are not as good. The typhoon Tarmi has caused a lot of damage all over Japan, reducing the JPY stength. Also the CCI report (although low impact) has reported the index to be 7 points below 50. Meaning that the JPY is getting further weak.
Technically, There are two major levels in sight. The RSI seems to be overbought. I expect that the price comes down to kiss the trendline and then hit upwards towards the major resistance, which is around 114.3. This will bring RSI out of overbought
My suggestions is to set a buy limit around 113.7. SL around 113.4, TP1 around 114 and TP 2 around 114.3. Alternatively, wait for the price to the trendline and then set a buy stop depending on the price action.
Speaking of price action, on the trend at the moment there are no candle patterns that are worth attention atm.
These are my opinions. Following them or not is up to you. Trade responsibly as your capital is at risk in trading. Your losses are YOUR responsibilty.
Technically, There are two major levels in sight. The RSI seems to be overbought. I expect that the price comes down to kiss the trendline and then hit upwards towards the major resistance, which is around 114.3. This will bring RSI out of overbought
My suggestions is to set a buy limit around 113.7. SL around 113.4, TP1 around 114 and TP 2 around 114.3. Alternatively, wait for the price to the trendline and then set a buy stop depending on the price action.
Speaking of price action, on the trend at the moment there are no candle patterns that are worth attention atm.
These are my opinions. Following them or not is up to you. Trade responsibly as your capital is at risk in trading. Your losses are YOUR responsibilty.
Note
Just an update, the Japanese CCI turned out to be slightly more than what expected. Still around the same number though
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