USDJPY → Rate hike negatively affects JPY
Updated
USDJPY is preparing to continue its bullish trend amid strong sell-offs of the Japanese national currency. Medium-term target could be 155.0
Amid the change of tactics of the Japanese central bank, traders are still negative towards the JPY and are still very much increasing short positions. On D1 the market still has a strong buyer in the currency pair, this can also be interpreted as the absence of a seller.
Previous: The central bank broke out of the negative rate trend by raising the interest rate for the first time in 17 years.
Resistance levels: 151.786
Support levels: 150.800
Technically and fundamentally, the currency pair is preparing for the continuation of the bullish trend. A breakout of the nearest resistance will signal a continuation of the upward trend
Regards R. Linda!
Amid the change of tactics of the Japanese central bank, traders are still negative towards the JPY and are still very much increasing short positions. On D1 the market still has a strong buyer in the currency pair, this can also be interpreted as the absence of a seller.
Previous: The central bank broke out of the negative rate trend by raising the interest rate for the first time in 17 years.
Resistance levels: 151.786
Support levels: 150.800
Technically and fundamentally, the currency pair is preparing for the continuation of the bullish trend. A breakout of the nearest resistance will signal a continuation of the upward trend
Regards R. Linda!
Note
The structure has not been broken yet. The return of the price to resistance may break this level and the price may form a bullish momentum
But, a break of the support at 150.80 will break the structure
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