Key Resistance Keeps Holding in the Yen: Short Opportunity
Rowan Crosby • 1 min read
Over the last few days, I’ve been heavily focused on trading the 113.00 level in the USD/JPY. We’ve now had four trades that have bounced off resistance and sold back down.
The USD has generally been strong over the last week or so and this has helped the USD/JPY rally to the current highs. However for the time being it just doesn’t appear to have the steam to breakout. At the same time the Nikkei has been charging higher, however, I feel that it is really just following the lead of U.S. equity markets.
For today's trading session, I’m looking to continue to sell at 113.00. Of course, we can’t hold up forever. But for the time being, I am going to keep looking to short and aiming for some quick scalps.