It looks like USD and JPY are playing ball with each bounce weaker than prior.
If we look at the price action on daily, it is evident that the pair is resting its support on a constant floor making lower highs with successive bounce. The squeeze is getting tighter as the pair is leveling on the support. Even when US is fundamentally strong, it is failing to gain any grounds against Yen technically.
How to capitalize....?
Most of the Price Action is certainly taking place under the 20 EMA. The best way to play this would be shorting the pair at the touch of 20 EMA with stops a few pips away from the previous high. Scaling in would be a great way to capitalize on the way down
What to expect...??
Swing for a home run....Expect the pair to get down to 110.00 region in quick succession. Also further, Scaling In would be a great option to make the most of the move.. These moves are potentially the most probable trades with best Risk to Reward Ratio...
If we look at the price action on daily, it is evident that the pair is resting its support on a constant floor making lower highs with successive bounce. The squeeze is getting tighter as the pair is leveling on the support. Even when US is fundamentally strong, it is failing to gain any grounds against Yen technically.
How to capitalize....?
Most of the Price Action is certainly taking place under the 20 EMA. The best way to play this would be shorting the pair at the touch of 20 EMA with stops a few pips away from the previous high. Scaling in would be a great way to capitalize on the way down
What to expect...??
Swing for a home run....Expect the pair to get down to 110.00 region in quick succession. Also further, Scaling In would be a great option to make the most of the move.. These moves are potentially the most probable trades with best Risk to Reward Ratio...