USD/JPY tested a major spot of support earlier in the week and so far, the 140.00 level has held the lows in the pair. This was the same price that held the lows last year just days ahead of the FOMC’s rate cut in September, and that led into a vigorous bounce in Q4 as the USD reversal took over.
At this point chasing USD/JPY lower could be tough as there’s a shorter-term build of higher-highs and lows. The 145.00 level, however, could present an open door for sellers that wanted to defend the trend.
EUR/JPY is near a big spot of resistance and that may be more attractive in the near-term for Yen-strength scenarios. That resistance runs from 163-163.38 and it’s been in-play as resistance for the past five weeks.
GBP/JPY, on the other hand, could be more attractive for Yen-weakness, as the pair is working on a series of higher-highs and lows along with a recent breach of an ascending triangle pattern.
I’ll cover all of these markets in next Tuesday’s webinar and you’re welcome to attend.
If you’d like to ask questions, you’re welcome to join via gotowebinar.
James Stanley’s video playlist:
#usd #jamesstanley #trading #usdjpy #eurusd #dxy #dxyanalysis #trump #trumptariffs #forex #fx #fxtrading #priceaction #priceactiontrading #forexcom #tradewar #tariffs
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