The 105 - 105.10 area has acted as a pivot for USDJPY lately and I expect a reversal from the current rally.
I have entered into a short at 104.86 ahead of the 104.96 fibbo resistance just in case we do not make the 105 pivot area.
I will sell another clip at 105.10 area if we get there and stop around 105.30 for all.
From a fundamental point of view, UST's ($ treasuries) are offered and yields are up near recent highs but I expect buyers to enter the UST market before the election, if this is the case, the $ will will start to turn and be better offered rather than bid (which it is currently).
I have entered into a short at 104.86 ahead of the 104.96 fibbo resistance just in case we do not make the 105 pivot area.
I will sell another clip at 105.10 area if we get there and stop around 105.30 for all.
From a fundamental point of view, UST's ($ treasuries) are offered and yields are up near recent highs but I expect buyers to enter the UST market before the election, if this is the case, the $ will will start to turn and be better offered rather than bid (which it is currently).
Comment:
Closed shorts at 104.66 for a profit of +20 pips! Before we run into some bids at the 104.59 fibbo support.