Fundamental
Overview
The USD got under some
renewed pressure this week following some soft US data. The
central bank continues to wait for US-Japan trade deal and the evolution of
inflation. If the price gets there, we can expect the buyers to step in with a
defined risk below the support to position for a rally into the 148.28 level
next. The sellers, on the other hand, will look for a break lower to extend the
drop into the 140.00 handle.
USDJPY Technical
Analysis – 4 hour Timeframe
On the 4 hour chart, we can
see that we’ve been ranging for quite some time here. The price is trading
right in the middle of two key levels. From a risk management perspective,
there’s nothing to do here other than waiting for the price to reach one of the
two key levels.
USDJPY Technical
Analysis – 1 hour Timeframe
On the 1 hour chart, we can
see more clearly the recent price action with the break below the 144.35 level
leading to increased bearish momentum as the sellers piled in for a move into
the 142.35 level next.
If the price retests the
144.35 level, we can expect the sellers to step in with a defined risk above
the level to position for the drop into the 142.35 level. The buyers, on the
other hand, will look for a break higher to start targeting the 146.28 level
next
