Looking for more downside... BUT!
The downward momentum of the DXY continued to weigh on the USDJPY as the price broke through the key support level of 141 to reach a low of 138.50 through the trading session on Friday.
Currently trading along the 139 price level, the price is anticipated to consolidate before trading to the downside, with the Yen expected to strengthen, following comments from BoJ’s Governor Kuroda that the Japanese economy is improving.
The initial trade idea this morning was to sell the USDJPY if the price breaks beyond 139 with the next support levels at 138 (for a quick trade) and 136 (for a swing trade)
However, as the DXY retraces and the USDJPY rebounds... a revision of the trade idea is to wait for a possible reaction at the 140 to 141 price area before selling down again.
Currently trading along the 139 price level, the price is anticipated to consolidate before trading to the downside, with the Yen expected to strengthen, following comments from BoJ’s Governor Kuroda that the Japanese economy is improving.
The initial trade idea this morning was to sell the USDJPY if the price breaks beyond 139 with the next support levels at 138 (for a quick trade) and 136 (for a swing trade)
However, as the DXY retraces and the USDJPY rebounds... a revision of the trade idea is to wait for a possible reaction at the 140 to 141 price area before selling down again.
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