USDJPY Lower
Updated
Trying USDJPY lower here.
We seem to have broken a rising wedge which is a nice technical setup.
We have some big data for the US economy this week with ISM services, NFP and JOLTS. i think US data continues to weaken this week and so leads to lower US yields which should mean lower USDJPY.
USDJPY is already quite high relative to rate differentials. sentiment and positioning is also extremely high.
idea is for USDJPY to move lower this week on weaker data, if the data is much stronger than expected then the idea no longer makes sense. Also if USDJPY isn't much lower by the end of the week then it likely wouldn't make sense for next week but i will update then.
Not trading/investment advice, feedback welcome!
We seem to have broken a rising wedge which is a nice technical setup.
We have some big data for the US economy this week with ISM services, NFP and JOLTS. i think US data continues to weaken this week and so leads to lower US yields which should mean lower USDJPY.
USDJPY is already quite high relative to rate differentials. sentiment and positioning is also extremely high.
idea is for USDJPY to move lower this week on weaker data, if the data is much stronger than expected then the idea no longer makes sense. Also if USDJPY isn't much lower by the end of the week then it likely wouldn't make sense for next week but i will update then.
Not trading/investment advice, feedback welcome!
Note
out at 156.53Note
re-entering at same level
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