Analysing monthly trends
USDJPY Hit the Monthly supply for the second time. This supply is a long term leve formed in 2002 and it isn't super fresh, but perhaps with the slightly neutral hawkish tones on Fed minutes we can expect the USD to weaken a little.
With that, I am positioning myself to reflect the weak dollar in my general trading plan.
Interesting level is at 119.15, where there's a price-action confluence of 4 hour supply, Value Area High and this weeks monthly pivot.
