Sell USDJPY. Targets 110 Potentially
Obviously as most know the USDJPY follows US Equities, which has seen a nice sell of that certainly shows targets a lot lower (ex. DOW support not until 14000). Also, DXY has clearly broken down repeatedly after lower highs to lower lows, which points to a new trend. On the other side of things this is creating a very strong YEN so I prefer selling the USDJPY more than any trade I'm seeing at the moment. We broke the major support area at 120.400 and retested I sold at 119.7. Targets are now 116 the last support area, 2nd target at 113.7 being the 1.27 fib extension and then 110.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.