USD/JPY On the Move
Updated
Last week we saw it was very bullish for UJ. The first week in about a month where we saw good trending price action. Previous weeks were filled with a lot of consolidation and ranging price action. On Friday price broke a major level around 113.500 and the last time we saw price rise above these levels was in July.
This week we could see a continuation of this uptrend after some consolidation or a slight pullback as we have already had a lot of consolidation over the past month now is the time where a trend can continue. The most logical upside target would be about 100 standard pips away at 114.500. What will happen at this level is uncertain whether we keep going up or make what would look to be a triple top at this level. However if we do continue up 115 would be next.
Fundamentals/News this week looks light, some high impact news but nothing out of the ordinary for USD. More importantly the focus would be on the geopolitical issues (Trump & NK could change the outlook for USD/GOLD fast.) and also Trump's new tax reform plan and the replacement for Fed Chair Janet Yellen.
This week we could see a continuation of this uptrend after some consolidation or a slight pullback as we have already had a lot of consolidation over the past month now is the time where a trend can continue. The most logical upside target would be about 100 standard pips away at 114.500. What will happen at this level is uncertain whether we keep going up or make what would look to be a triple top at this level. However if we do continue up 115 would be next.
Fundamentals/News this week looks light, some high impact news but nothing out of the ordinary for USD. More importantly the focus would be on the geopolitical issues (Trump & NK could change the outlook for USD/GOLD fast.) and also Trump's new tax reform plan and the replacement for Fed Chair Janet Yellen.
Trade closed: target reached
boom
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