Losing 107.29 will open the floodgates in USDJPY...
Updated
Here we are digging deeper from a technical sense, after a textbook break of a triangle. From experience, triangles will often break after completing an ABCDE sequence before continuing with the underlying trend.
A break of 107.295 will unlock the lows in the ABC sequence. Sellers need to get below there to confirm an impulsive leg that will carry us towards 105 - 104. The break below 107.295 is tradable if you are not already holding positions from above.
On the Fundamentals, we have coverage in the live room. In an environment with rising yield differentials will support JPY and to a lesser extend EUR and with all eyes on Fed later this month risk-off assets will continue seeing a notably strong bid.
A break of 107.295 will unlock the lows in the ABC sequence. Sellers need to get below there to confirm an impulsive leg that will carry us towards 105 - 104. The break below 107.295 is tradable if you are not already holding positions from above.
On the Fundamentals, we have coverage in the live room. In an environment with rising yield differentials will support JPY and to a lesser extend EUR and with all eyes on Fed later this month risk-off assets will continue seeing a notably strong bid.
Trade closed: target reached
... Well done all shorts !! A superb ride since Fed.
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