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HI traders,
The US dollar rallied against the Japanese yen again, breaking the top of the shooting star from the previous session.
Fundamentally speaking, the Federal Reserve will do several interest rate hikes over the next year, while the Bank of Japan is nowhere near tightening its monetary policy.
As we approached the ¥113 level, resistance built up and slowed the ascension.
I think that the “floor” is closer to the ¥111.25 level, but I also see a significant amount of demand at the ¥112 level.
I see a lot of noise between here and ¥114, so quite frankly I think it is probably prudent to wait for pullbacks to get involved to the upside.
I’m a buyer on pullbacks but recognize that this market will be very noisy going forward.
Cheers !!
The US dollar rallied against the Japanese yen again, breaking the top of the shooting star from the previous session.
Fundamentally speaking, the Federal Reserve will do several interest rate hikes over the next year, while the Bank of Japan is nowhere near tightening its monetary policy.
As we approached the ¥113 level, resistance built up and slowed the ascension.
I think that the “floor” is closer to the ¥111.25 level, but I also see a significant amount of demand at the ¥112 level.
I see a lot of noise between here and ¥114, so quite frankly I think it is probably prudent to wait for pullbacks to get involved to the upside.
I’m a buyer on pullbacks but recognize that this market will be very noisy going forward.
Cheers !!
