Time to Go With the Momentum in the JPY
The last week or so has really seen a big change in momentum in the USD/JPY. Not that long ago we were incredibly bullish and taking out th
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Last updated: Tuesday, November 28, 2017
The last week or so has really seen a big change in momentum in the USD/JPY. Not that long ago we were incredibly bullish and taking out the highs of 114.50. As it stands now, things are very different.
The USD has fallen away thanks to a dovish outlook from the FOMC. While the JPY has been gaining some steam against most other currencies across the board.
With that in mind, I think the best play now is to ride that momentum and look for pullbacks. I will be targeting the 111.50 level for a place to look for a short. If we break much higher then we will likely pullback into the range. I would like to see a bearish candle that looks like there are sellers.
Otherwise, a break below 111.00 and a pullback, would be another solid plan.
USD/JPY – 240 min Chart.
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ABOUT THE AUTHOR
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
