We saw a break through the channel formed on the daily chart previously over the past trading week. UJ rallied all the way up to the 112,800 region but faced strong rejection of the weekly resistance zone which stayed firm. I am still very bearish on this pair however with the recovery DXY is making we could see this pair rally all the way up to the monthly trend...
We saw a week with a lot of bearish breaks but overall slow movement on this pair. Reaching lows in the 110,900 region and highs in the 111,700 region (approximate). I still believe that this pair will respect the downward channel it has been in, clearly shown by the rejection of the descending trendline on the daily chart. There is a possible bullish movement on...
NFP was a clear catalyst to push UJ into its descending channel. Price will bounce around for a bit while the dollar tries to recover but ultimately I foresee a decent drop below monthly support and further on.
