Are We Looking at a Triple Top in the USD/JPY?
The USD has been strong this week, which has coincided with a run-up in the USD/JPY. There has also been a clear move away from safe-haven
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Last updated: Friday, September 29, 2017
The USD has been strong this week, which has coincided with a run-up in the USD/JPY. There has also been a clear move away from safe-haven assets, such as the Yen.
In the last couple of days, the USD/JPY has tried, tested and failed at the 113.00 level. We’re also pushing higher in a bearish channel. I feel that the fact we are coming to a Friday, there is a chance of a rush to safety as a hedge. North Korea often comes out over the weekend and throws a spanner in the works.
That might mean that we will get a bit of a sell-off in the USD/JPY on Friday. I’m more than happy to sell at 113.00, which has been a strong resistance level so far.
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.
