The USD/JPY has risen like crazy over the past nine weeks, gaining each week. The past week saw the price rise again, but unable to make a new high. We are seeing bullish momentum continue to decrease, with no daily closes made above the key level at ¥130.80. The price is also reluctant to remain above the pivotal point at ¥130.50 for very long.
As momentum has declined, and as the price has already exceeded ¥130.00, I only want to enter a new long trade in this currency pair if we see a daily (New York) close above ¥130.80.
As momentum has declined, and as the price has already exceeded ¥130.00, I only want to enter a new long trade in this currency pair if we see a daily (New York) close above ¥130.80.