ridethepig | JPY Spot Commentary 2020.02.04
Updated
Risk markets recovering, well done all those who voted to buy the dip overnight in the Asian bounce. PBOC suturing the wound (for now). On the macro side, strong data from the US manufacturing side should be taken with a pinch of salt as was helped massively via phase 1 and too soon to measure any viral impact. Flow wise, I noticed a lot of fast money clients buying JPY offshore which is reassuring for my shorts.
On the Daily chart we are still yet to break through Support :
I am looking to add more at 109.2x with initial targets at 108.8x and 108.3x on the day. No one wanting to fight alone against the USD devaluation, sellers are ready to beat the living daylight out of late buyers.
Don't forget we can comfortably lean on the 2020 Macro flows for USDJPY:
Good luck all those on the sell side, a lot of meat left on the bone and we can open up the short-term flows if we get enough interest in the comments below. As usual thanks for keeping the support coming with likes, comments, charts and etc!
On the Daily chart we are still yet to break through Support :
I am looking to add more at 109.2x with initial targets at 108.8x and 108.3x on the day. No one wanting to fight alone against the USD devaluation, sellers are ready to beat the living daylight out of late buyers.
Don't forget we can comfortably lean on the 2020 Macro flows for USDJPY:
Good luck all those on the sell side, a lot of meat left on the bone and we can open up the short-term flows if we get enough interest in the comments below. As usual thanks for keeping the support coming with likes, comments, charts and etc!
Trade active
Note
109.7 holding so far on the spike...
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