Time to Go With the Momentum in the JPY - Forex News by FX Leaders

Time to Go With the Momentum in the JPY

Posted Tuesday, November 28, 2017 by
Rowan Crosby • 1 min read

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.

 

Yen

USD/JPY – 240 min Chart.
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