Pretty much same as the reasoning above. Also, with Trump ready to put tariffs on all Chinese goods it should trigger some JPY demand. However, as we've seen the market's been just fading pretty much any comments on the trade war made by Trump. Will this be another case of fading the trade? We'll see.
But I'm convinced on USD weakness short term until some other news comes and convinces me otherwise.
At weekly trendline support now. Want to get in on a short on a break here at 111.24 or a decent pullback actually.
Stop loss at 111.50
TP1: 110.50
Final TP: 107
On a retracement I want to get in around 112.30 with a stop above the high at 112.64 but a conservative stop would be placed at 113.20. Same initial target at 110.50.
But I'm convinced on USD weakness short term until some other news comes and convinces me otherwise.
At weekly trendline support now. Want to get in on a short on a break here at 111.24 or a decent pullback actually.
Stop loss at 111.50
TP1: 110.50
Final TP: 107
On a retracement I want to get in around 112.30 with a stop above the high at 112.64 but a conservative stop would be placed at 113.20. Same initial target at 110.50.