RhysFX

USD/JPY NEUTRAL (106.700 or 104.700)

FX:USDJPY   U.S. Dollar / Japanese Yen
My current BIAS for USD/JPY for the upcoming week is NEUTRAL.



My reasoning behind this is

-We are currently rejecting a previous Weekly Support.
-We have gapped around 45 pips in the market.
-We will be looking for the gap to refill as usually when a gap is made in the market after market opening we tend to see price revisit previous price before then moving forward.

-We could see a retest of our Daily Support with strong rejection after filling the gap and a push towards previous 4HR Resistance at 106.700.
-We could also see a break below our Daily Support following up with a retest after the gap has been filled with for targets at our Weekly Support at 104.700.

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Aug 26
Trade active: I have entered a BUY LIMIT at 105.075.

I will be hoping we see strong rejection once this price is tested as we have not fell below these regions for a while.

I will hope to see a rise to 105.600.
I agree with this trade idea in the short term📞
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I agree with this trade idea in the short term. Long term I believe we could see 100 as the stock markets weaken some more. We will see
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