BEARISH on USD/JPY
This is one goes out for my Forex peeps. If you are looking where to place a bearish position USD/JPY is a good option right now and looking to continue its bearish trend. In the short term, there is nearly any resistance until the 113.40 quadrant. Shorting this one may be a bit rough at the beginning as it may consolidate before touching its 15min supports, but the fall is sure. In a macro perspective dollar is suffering hits due to the shipping crisis, rising inflation rates due to low inventories against high demand from consumers, and poor tax policy application. This without mentioning the US shortcomings on integrating blockchain technology to the financial infrastructure. EMA 50 continues to be underneath traveling off the SMA 100 and SMA 200 in both 1h and 15min. amplifying its variance towards the lower end. The markets are focusing on whether BOJ Governor Haruhiko Kuroda will issue any warning against the yen’s recent weakness, which gives exports a boost but drives up already high import costs for retailers still reeling from the pandemic’s pain, Reuters concluded. The Yen is currently weak as well as major forex currency, but continues to be a save haven for institutional players.
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