Is It Time to Buy Pullbacks in the Yen?
The USD is firmly in focus at the moment as we have a really high likelihood now that the US will move forward with tax cuts. The tax cuts for corporations is going to be a massive boost for the US economy over the coming years and decades and as a result, I think we are going to see plenty of money flowing back into the USD.
At the moment one of the best trades to get some value from the USD is in the USD/JPY. It’s been tracking the USD quite well and the chart is behaving itself. Which is more than we can say for some others at the moment.
I’m targeting a bounce off this current trendline and a move back to the 113.00 level. There is also a chance that we close the gap that we put in yesterday which is around the 112.00-112.17 area. That would be a good spot to consider a long entry if the price action is right.
USD/JPY – 240 min Chart.
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