If Nikkei doesn't rocket sky high, then USDJPY will hold under WPP and major resistance (fib 38.2%, 200 SMA, 100 SMA, 100 daily EMA, 55 daily SMA, all MA converging at the 38.2% fib level (yellow line). Now price is still finding support at MPP and white dashed TL. If this breaks, then fib 61.8% is the first target with 200 daily SMA (teal line) right underneath it. Possible price might extend all the way to lower band of proprietary volatility bands (black line) but no further until we have an exogenous catalyst to push it lower.
Modified TDI looks like it wants to go lower but has not broken it's midline yet so momentum short is not quite there yet. Caution is advised JPY crosses might very well reverse up. Profit range makes the R:R not so interesting either.
So I would stay flat at this point.
Modified TDI looks like it wants to go lower but has not broken it's midline yet so momentum short is not quite there yet. Caution is advised JPY crosses might very well reverse up. Profit range makes the R:R not so interesting either.
So I would stay flat at this point.
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