Still Upside to be Seen on USDJPY
Good evening traders.
Thursday's trading saw some profit taking off the 113 handle and trend line resistance which resulted in a rather quick reversal on the USDJPY 0.17% . This reversal attracted many retail traders into getting short, which I am inclined to believe was intentional. As such, I am expecting to see a pop to the upside above the 113 highs with imminent resistance just above that near 113.5. Possible profit taking and short selling around that figure may cause another reversal, even if it is short-lived.
Hope this is helpful.
Thursday's trading saw some profit taking off the 113 handle and trend line resistance which resulted in a rather quick reversal on the USDJPY 0.17% . This reversal attracted many retail traders into getting short, which I am inclined to believe was intentional. As such, I am expecting to see a pop to the upside above the 113 highs with imminent resistance just above that near 113.5. Possible profit taking and short selling around that figure may cause another reversal, even if it is short-lived.
Hope this is helpful.
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