Selling to follow through in USDJPY
Updated
Those tracking USDJPY got the decisive break below the 107.5 that we were tracking very closely. This is opening up the ladder for a nice sweep all the way down towards support at 105.5.
A very bearish daily close for risk markets yesterday, NY will follow through on the selling, impeachment is not going anywhere and Brexit continues to not get any better.
With BOJ on hold we can comfortably continue to lean on JPY, initial targets at the 50% retracement here at 106.5 with more experienced buyers to come in at 61.8 at 106.0. Whilst to the topside the ceiling at 109.40-50 will keep the highs under pressure; above there is needed to negate the top and reassert confidence in the uptrend.
Good luck all those trading the risk correction
A very bearish daily close for risk markets yesterday, NY will follow through on the selling, impeachment is not going anywhere and Brexit continues to not get any better.
With BOJ on hold we can comfortably continue to lean on JPY, initial targets at the 50% retracement here at 106.5 with more experienced buyers to come in at 61.8 at 106.0. Whilst to the topside the ceiling at 109.40-50 will keep the highs under pressure; above there is needed to negate the top and reassert confidence in the uptrend.
Good luck all those trading the risk correction
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Stops held by an inch...
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