USDJPY has been retracing downwards since the appreciation which begun from mid-March halted about a month ago.
As analyzed on 10th August, the price rebounded strongly as it retraced into the buy zone and supported by a weekly falling trendline.
And after the rebound, USDJPY has broken above a double falling trendlines, and that's quite a confirmation for the trend to turn bullish already.
As a whole, the dollar is in domination, and it seems that even safe haven assets such as yen, Swiss franc, and gold are all losing out badly to the dollar.
As analyzed on 10th August, the price rebounded strongly as it retraced into the buy zone and supported by a weekly falling trendline.
And after the rebound, USDJPY has broken above a double falling trendlines, and that's quite a confirmation for the trend to turn bullish already.
As a whole, the dollar is in domination, and it seems that even safe haven assets such as yen, Swiss franc, and gold are all losing out badly to the dollar.
Trade active:
Long now. Stop loss unchanged.
Trade closed: stop reached:
Stop loss was hit last Friday, though I did cut some position before that.
The market is caught in a sudden surge for safe haven due to Turkey issue and at the same time, the dollar hit a peak and is undergoing a major retracement.
However, USDJPY is still holding on to 110 with technical support by multiple trendlines. Safe haven demand is usually a temporary effect, and eventually, the price will still recover and move in the major direction. There's no doubt that a widening gap of monetary policy between BOJ and the Fed will cause USDJPY to gain further.
The market is caught in a sudden surge for safe haven due to Turkey issue and at the same time, the dollar hit a peak and is undergoing a major retracement.
However, USDJPY is still holding on to 110 with technical support by multiple trendlines. Safe haven demand is usually a temporary effect, and eventually, the price will still recover and move in the major direction. There's no doubt that a widening gap of monetary policy between BOJ and the Fed will cause USDJPY to gain further.
Advisable to reduce trading size or avoid trading instead.