USDJPY

Looking at the DXY, it looks ready for a retracement. I wanted to find a pair that looked good and that was near a high. USDJPY looks like a double top on the 1 hour time frame. For those following we previously entered the USDZAR last night and although it didn't reach the 38% target, it got close and we closed out in profit. With the BBB bill not being passed, there is sentiment that the economic growth will slow a bit. Although I'm still bullish on the dollar, the interest rate hikes haven't came in yet so I'm following the flow of technicals as I'm looking for support on USD pairs to get back for the next retracements. I'm only looking for a 38% to 50% retracement to the down side. I do feel like we are neck and neck as far as economic power with Japan. I don't know everything that's going on there, however I know that charts are all about retracements. I would say that this pair is overvalued and needs to retrace a bit!

Not advice!

"It's not about being right more than it is about being smarter than your last trade!"