USDJPY stays strong after Yellen's speech and will ride the rally through to 105.5 next week. We could long when it pulls back on Monday around the blue box. We also expect it to hit 110 by the end of September when the US rate hike comes in September.
Fundamental wise, with global stock markets doing well, investors are getting less risk adverse. Safe haven assets like Gold and Yen will further depreciate. We expect BoJ will further defend USDJPY and prevent it from falling below 100. We see a limited downside from Longing USDJPY.
Technical wise, USDJPY broke the resistance and has turned bullish for the next few trading sessions. One could wait for retracement around the blue box for better entry and long it till 105.5.
Fundamental wise, with global stock markets doing well, investors are getting less risk adverse. Safe haven assets like Gold and Yen will further depreciate. We expect BoJ will further defend USDJPY and prevent it from falling below 100. We see a limited downside from Longing USDJPY.
Technical wise, USDJPY broke the resistance and has turned bullish for the next few trading sessions. One could wait for retracement around the blue box for better entry and long it till 105.5.
Trade active:
Keep adding longs as it retraces towards the blue box.
Comment:
Very nice. Moving on
Trade closed manually:
Closed with profits. Wait for it to retrace back to 101.5 area.
Comment:
Perfect blue box area. Did you guys get it?
Comment:
How are we all doing :) U/J to 107 is not too far
Trade closed: target reached