Is that a Triple Top in the USD/JPY?
Rowan Crosby • 1 min read
The USD/JPY has tried (and failed) three times at trying to break through the 113.00. On Friday its final attempt was flaunted by U.S. non-farm payroll data which put a big smack-down on the USD.
However what is interesting is that even though we have got a real uptrend in place on the U.S. Dollar Index, the USD/JPY seems to be lagging. That tells me that there is still some buying interest around in the Yen. That might be because of fears surrounding North Korea or even political ones close to home.
Regardless, 113.00 has held up quite well. While maybe not a triple top to the letter of the law, 113.00 has been strong. Long term I don’t want to be faded a strong USD, and I don’t expect a big decline. 112.00 might be as far down as we push. However, if we get another opportunity I will look for short-term scalps at 113.00.