USD/JPY Overextended
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U/J is overextended to the southside. Needs some room to breathe. Look for a bounce here to around 108.25, if that area is broken look for price to test 109.50 then 110.25. The US still is one of the strongest economyies in the world. Recent weakness across the board for the dollar is centered around political noise like the possibility of a government shutdown.
Trade idea becomes invalid if price continues south. takes out the 105.50 area and holds on the retest.
As always do your own due diligence and homework before entering any trade. Keep calm and trade forex.
Trade idea becomes invalid if price continues south. takes out the 105.50 area and holds on the retest.
As always do your own due diligence and homework before entering any trade. Keep calm and trade forex.
Note
We didn't quite get to our 108.25 target but did reach as far as 107.90. A nice bounce by any means. As with all Dollar pairs the weak FOMC minutes today put a damper on things. Expect more turbulence tomorrow as more members are set to speak. Take your cue from the tone they set.As always Keep calm and forex traders.
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