USD/JPY BEAR SWING RETRACEMENT
Updated
USD/JPY bear swing was absolutely beautiful, but we are not done yet
Usdjpy has a looooong way to drop still, the impending US recession is not going to be pretty and the moment the market gets a single whiff of hawkish-ness from the BoJ, this pair will sink to the bottom of the ocean like ATLANTIS
In the mean time however it looks as though the bear swing has run out of some steam, and a healthy retracement is in store. Fundamentally DADDY JPOW just raised the US rates by 25 basis points, which in all likelihood will bring some short term support to the dumpy dollar.
Either ride USDJPY to the Yellow or Green zones, depending on how strong momentum and price action is.
Usdjpy has a looooong way to drop still, the impending US recession is not going to be pretty and the moment the market gets a single whiff of hawkish-ness from the BoJ, this pair will sink to the bottom of the ocean like ATLANTIS
In the mean time however it looks as though the bear swing has run out of some steam, and a healthy retracement is in store. Fundamentally DADDY JPOW just raised the US rates by 25 basis points, which in all likelihood will bring some short term support to the dumpy dollar.
Either ride USDJPY to the Yellow or Green zones, depending on how strong momentum and price action is.
Comment
USDJPY at major inflection point now, trail stops and re-enter longs if price action can BREAK THE TOP OF THE DOWNWARDS CHANNELComment
Support levels held at 130.6 area, price action is still saying retracement longs active for nowDisclaimer
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