JPYUSD: The yen rally continuesAfter Bernanke visited Japan, and whispered into Kuroda's ear, the market reacted with a strong decline in the Yen, accompanied by a broad risk on rally that absorbed the Brexit losses. It's possible that this rally has topped, with all or most bears forced to cover their shorts, collaborating with the momentum run.
If you are a 'Key Hidden Levels' subscriber, one look at the RgMov indicator here will tell you what the main trend is, and when to enter long to rejoin this trend. It'll be a good idea to enter longs above today's high on Monday, with stops under today's low, or you can speculate on this new daily high, and just enter at market now. It's up to your risk aversion and discretion, just keep in mind the setup's rules involve buying the new daily high on Monday, and sacrificing a couple pips, for a lower risk entry.
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
