I may or may not take the trade as I do not really have a good bias on the YEN yet.
what i do have is a bullish view on the dollar as well as last week's rejection off the key support on the weekly usdjpy chart.
if we are expecting bullishness a nice entry could be found at 61% retracement of the current swing confluenced with a breaker candle
initial target would be the key price zone around 104.2
target 2 would be 106/poc, however we would need to break the key yellow resistance and then see bullish PA for me to target that high up
Worth noting the BOJ are looking to clarify their policy and explain how they are still on track for 2% inflation target. What this means for the markets is alot of volatility, increased risk and increased reward (or loss)
Also, there was some divergence last friday with the Nikkei slipping and USDJPY continuing its pullback. Further confluence that the dollar could be looking to make more gains this week.
what i do have is a bullish view on the dollar as well as last week's rejection off the key support on the weekly usdjpy chart.
if we are expecting bullishness a nice entry could be found at 61% retracement of the current swing confluenced with a breaker candle
initial target would be the key price zone around 104.2
target 2 would be 106/poc, however we would need to break the key yellow resistance and then see bullish PA for me to target that high up
Worth noting the BOJ are looking to clarify their policy and explain how they are still on track for 2% inflation target. What this means for the markets is alot of volatility, increased risk and increased reward (or loss)
Also, there was some divergence last friday with the Nikkei slipping and USDJPY continuing its pullback. Further confluence that the dollar could be looking to make more gains this week.
