The Japanese Yen has been on the defensive against the US Dollar for the past three weeks. The rally takes price through long-term downtrend resistance most likely the result of extremely poor economic data coming out of the YEN a few days ago. IF price can mark a weekly close above the trendline moving long could be a good play.- simply put, we’re looking for validation. I think USD/JPY is way to stretched for now and am expecting a reversal and retest of break out level by end of the week.
The Japanese Yen has been on the defensive against the US Dollar for the past three weeks. The rally takes price through long-term downtrend resistance most likely the result of extremely poor economic data coming out of the YEN a few days ago. IF price can mark a weekly close above the trendline moving long could be a good play.- simply put, we’re looking for validation. I think USD/JPY is way to stretched for now and am expecting a reversal and retest of break out level by end of the week.