USD/JPY looms as a prime squeeze candidate should the Fed disappoint on extremely dovish market pricing, not only likely to benefit from the probable uplift in US bond yields but also recent shifts in market positioning.
USD/JPY staged a decent reversal on Monday after slicing through the Dec 28 low of 140.273, printing a hammer candle on the daily. With RSI (14) nearing oversold territory and breaking the downtrend it’s been in since the start of September, directional risks may be shifting.
I’m not rushing into a long trade just yet, but I am keen to see whether the price holds above 140.273 today. If it does, longs could be established with a stop around 139.60 for protection. Make sure you keep positioning front of mind given how volatile the pair has been recently.
143.63 looms as a suitable trade target with only minor resistance at 141.73 located in between.
Good luck!
DS
USD/JPY staged a decent reversal on Monday after slicing through the Dec 28 low of 140.273, printing a hammer candle on the daily. With RSI (14) nearing oversold territory and breaking the downtrend it’s been in since the start of September, directional risks may be shifting.
I’m not rushing into a long trade just yet, but I am keen to see whether the price holds above 140.273 today. If it does, longs could be established with a stop around 139.60 for protection. Make sure you keep positioning front of mind given how volatile the pair has been recently.
143.63 looms as a suitable trade target with only minor resistance at 141.73 located in between.
Good luck!
DS
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