The USDJPY is approaching a key level on the weekly chart at 110.30.
However is this an opportunity to long given the obvious fact that both countries have different monetary policies ?
Or given the fact that Abe's popularity is tanking as a result of the scandal may cause markets to reassess the probability of him seeing his abenomics policies to fruition remains to be seen. Read more about it.
www.bloomberg.com/ne...rt-continues-to-fall
Thus, probable scenarios moving forward
a. 110.30 supported with stop below 108.00 with target at 113.40 and above (Month end flows and FOMCweek)
b. 110.30 breached and weekly trendline broken but supported at 109.30 (USDOLLAR continues to tank without finding support)
c. Sideways trading between levels 108.40 and 110.30 (Directionless until NFP in August )
However is this an opportunity to long given the obvious fact that both countries have different monetary policies ?
Or given the fact that Abe's popularity is tanking as a result of the scandal may cause markets to reassess the probability of him seeing his abenomics policies to fruition remains to be seen. Read more about it.
www.bloomberg.com/ne...rt-continues-to-fall
Thus, probable scenarios moving forward
a. 110.30 supported with stop below 108.00 with target at 113.40 and above (Month end flows and FOMCweek)
b. 110.30 breached and weekly trendline broken but supported at 109.30 (USDOLLAR continues to tank without finding support)
c. Sideways trading between levels 108.40 and 110.30 (Directionless until NFP in August )