This the Level to Buy the Yen on Wednesday
The Yen is pushing higher. These are the levels to watch.
The USD has been the driving force behind the USD/JPY in recent weeks. Since North Korea has all but been forgotten, this one is really becoming a good trade for those of you following the progress of the US tax cuts.
I spoke about the trendline that we can see on the charts and sure enough, we followed it to perfection yesterday. Depending on your perspective that could be viewed as a little bearish on a short-term chart, so with that in mind, I think there are a few other levels that we could consider buying.
Of course, long is my bias at the moment, given the progress of the Trump tax cuts.
Key Levels
At the moment I really like the 112.00 level. We have multiple indicators that suggest the level has some ability to slow down a falling Yen.
Firstly we have the all-important round number of 112.00. We also have the 50-SMA right there at the moment. And finally, the 112.00-112.17 zone is where we gapped up from on Monday.
To me, that means there is certainly an opportunity to be a buyer at that point. This is probably for those looking for a decent point for a longer-term position, however, I do suspect a short-term bounce if we can get down there.
USD/JPY -240 min Chart.
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