This is not a good time for the Japanese Yen. It keeps getting weaker almost against all major pairs.
Even though I did a review of the AUDUSD today, looking for some weakness in it, I still believe that Yen will be even weaker.
We are balancing around the July's highs and I don't think that resistance will be strong enough. It would be ideal for it to break through and test the 2015 December highs of around 90.72 or even higher. 90.72 would be my first target.
Maybe it will break the level soon, or maybe it will wait for Thursday's BOJ interest rate decision. Who knows. But my recommendation is to keep watching this pair this week.
Personally me, I am a BUYer at the moment, but depending on the activity, I might change my outlook if the candles will start telling me something else.
As always, keep an eye on the price action!
Even though I did a review of the AUDUSD today, looking for some weakness in it, I still believe that Yen will be even weaker.
We are balancing around the July's highs and I don't think that resistance will be strong enough. It would be ideal for it to break through and test the 2015 December highs of around 90.72 or even higher. 90.72 would be my first target.
Maybe it will break the level soon, or maybe it will wait for Thursday's BOJ interest rate decision. Who knows. But my recommendation is to keep watching this pair this week.
Personally me, I am a BUYer at the moment, but depending on the activity, I might change my outlook if the candles will start telling me something else.
As always, keep an eye on the price action!