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Hello Traders,
last week Friday, we had the release of the US job data, the market witnessed strength in the USD. Most currency pair moved hundreds of pips within a few hours. The USDJPY stood almost as an exclusive exception to this rule, changing by only about 80 pips. This got my attention.
After doing a little bit of technical analysis on this pair over the weekend, I observed that price might be ready for some decent 300 - pip rise.
Support on 4hr time frame at 111.06 and within the micro-structure of the weekly candle lies a "last line of defence" at 110.7x
As I type, price is presently trading a few pips lower than this last line of defence and I expect the pair to rise by about 300 pips.
Let's leave the market to be the final arbiter on this one as always.
Happy trading everyone.
last week Friday, we had the release of the US job data, the market witnessed strength in the USD. Most currency pair moved hundreds of pips within a few hours. The USDJPY stood almost as an exclusive exception to this rule, changing by only about 80 pips. This got my attention.
After doing a little bit of technical analysis on this pair over the weekend, I observed that price might be ready for some decent 300 - pip rise.
Support on 4hr time frame at 111.06 and within the micro-structure of the weekly candle lies a "last line of defence" at 110.7x
As I type, price is presently trading a few pips lower than this last line of defence and I expect the pair to rise by about 300 pips.
Let's leave the market to be the final arbiter on this one as always.
Happy trading everyone.
