USDJPY: Simply it has not enough momentum to rally.
Look at on the chart, I have three lines:
- Descending trendline.
- Ascending trendline.
- Resistance line
Three lines converge at one point I call Intersection point, please pay attention that U/J chose those three lines as a long term resistance.
The problem is U/J has not enough momentum to rally, there is no more stimulus from Japan, and stock seem is very hard to rally due to FED rate hike.
I think USDJPY should back to 122.20 then 121.50
- Descending trendline.
- Ascending trendline.
- Resistance line
Three lines converge at one point I call Intersection point, please pay attention that U/J chose those three lines as a long term resistance.
The problem is U/J has not enough momentum to rally, there is no more stimulus from Japan, and stock seem is very hard to rally due to FED rate hike.
I think USDJPY should back to 122.20 then 121.50
