USDJPY is sending mixed signals today. Here's the breakdown:
- Dollar Downward Trend: The US dollar is generally weaker across the board, which could put downward pressure on USDJPY.
- Retailer Skepticism: Interestingly, a large portion of retail traders are currently short on USDJPY, indicating a potential expectation for the pair to fall. However, in forex, this contrarian indicator can sometimes signal a potential rise.
- Uncertain JPY Outlook: The future direction of the Japanese Yen is unclear. While a weaker dollar might suggest a stronger Yen (lower USDJPY), the Bank of Japan's dovish monetary policy could keep the Yen from appreciating significantly.
Trade active
Trade closed manually
Closed trade manaully @ 156.662. 27 pips bagged.
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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.