Fundamentals:- Fundamentals:- There is still the divergence between the two central banks where the BoJ are willing to do anything to get inflation back up to 2% and the US FED are in a rate rising cycle. The JPY is being used as a safe haven currency and can strengthen at any risk off point in the market. We still expect a correction in the USD/JPY throughout the year however the direction next week should retest previous resistance levels.
Technicals:- As you can see from the chart we had rejection from the 111.000 area and a move back towards the 11500. There has since been a pull back of 61.80% of that up move and now showing rejection of that Fibonacci level.
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Technicals:- As you can see from the chart we had rejection from the 111.000 area and a move back towards the 11500. There has since been a pull back of 61.80% of that up move and now showing rejection of that Fibonacci level.
Learn more about the way I trade with the free course bankonadam.com