USD/JPY- Out of the Slump
Updated
The past few weeks have seen very little bullish price action on USDJPY and at the end of last week we set a new low for 2017. This new low has been a good buying opportunity for dollar bulls as price action was very bullish this week breaking resistance zone after zone.
This week we could see a continued push up for USD as the momentum and the bounce off major support could indicate this. The overall target could run to around 112. We have major fundamentals with FOMC mid week Wednesday so this could dictate further price action direction. A retest of the trendline or 14/50 EMA on 4hr chart could be a good buying opportunity to take price higher.
This week we could see a continued push up for USD as the momentum and the bounce off major support could indicate this. The overall target could run to around 112. We have major fundamentals with FOMC mid week Wednesday so this could dictate further price action direction. A retest of the trendline or 14/50 EMA on 4hr chart could be a good buying opportunity to take price higher.
Note
FOMC was bullish for USD. After consolidation period price got a third touch on the TL and a price explosion to continue the up trend. The Fed was more hawkish than expected.
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