YEN - Major trend reversal or big correction ?
• Japanese yen surged around 10% in July potentially marking the end of a multi year bull trend.
• Markets expectation's of FED-BOJ policies convergence, especially after yesterday's delivery of the first rate hike by the BOJ and a dovish signal by the FED.
• The pair broke below the previous major resistance/support at 151.70 and traded close to the ascending trend line support at 148.
• The dollar yen is now trading just above 150 after attracting some buyers at the mentioned support level above.
• If bears manage to keep the pair below the 151.70 level and potentially break the 148 level, their next downside target would be 146.50 followed by 140.
• Markets expectation's of FED-BOJ policies convergence, especially after yesterday's delivery of the first rate hike by the BOJ and a dovish signal by the FED.
• The pair broke below the previous major resistance/support at 151.70 and traded close to the ascending trend line support at 148.
• The dollar yen is now trading just above 150 after attracting some buyers at the mentioned support level above.
• If bears manage to keep the pair below the 151.70 level and potentially break the 148 level, their next downside target would be 146.50 followed by 140.
Ramzi Abou Abdallah, CFTe, CMT
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