USDJPY- TREND ANALYSIS- OCT 16-20
Updated
Last week we saw USDJPY move to the downside on dollar weakness provided by NFP the previous week. The momentum was not so strong but it did start to make a bearish market structure as it approaches a major support zone around 111.250. This is also the first downside target for this coming week.
This week with the inverse correlation with gold's bullish momentum we can expect USDJPY to do the opposite and break towards our target. The 111 area is interesting as I would consider a nice break of this level to start a possible down trend in UJ to follow what Gold has started last week.
This week with the inverse correlation with gold's bullish momentum we can expect USDJPY to do the opposite and break towards our target. The 111 area is interesting as I would consider a nice break of this level to start a possible down trend in UJ to follow what Gold has started last week.
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