USD/JPY double top? | Forex Factory

  • USD/JPY double top?

    From fxdailyreport.com

    The currency pair dropped in the last two trading session even if the Nikkei stock index has increased further. USD/JPY is trading in the red only because the USDX has plunged after the impressive upside movement. USDX is trading right above the 92.50 psychological level as the rate has managed to squeeze a little. Unfortunately, the dollar index failed to stabilize above a major dynamic resistance and now could drop in the seller’s territory again. It remains to see what will happen on the USDX because the current retreat could be only temporary and it could increase again soon and could make a valid breakout ... (full story)

Comment Options
rashidcm2004
May 13, 2018 6:02am
Permalink
may be a double trap
Reply
Trader#4AF4
May 13, 2018 12:35pm
Permalink
So as per the article, it's saying that there has been little yen strength despite the pair's recent bearish reversal. That's true, even as the dollar was falling off highs, Yen weakness kept it right up against the 200 DMA. With even a modest return to dollar strength should cause a clean break of the MA and thus continued bullishness.
Reply
Trader#D187
May 13, 2018 12:30pm
Permalink
quite promising, dxy bullish trend is in early turnover to bearish phase. overall, depends on jpy performance or the failure/success of dxy trend turnover.
Reply
Trader#6DE7
May 13, 2018 3:43pm
Permalink
uj actually been in consolidation/range-bound since 25 april. rather trade ej and bang it with big bombs during quiet periods.
Reply

  • Related Stories

There are no posts to display for these settings.
  • Story Stats