USDJPY Approaches Key Support Level
Well, it went way down to 99, but still I do not think that it is a valid break. On a daily chart it looks more like an up trend consolidation
Well, we did collapse right through 96.00 yesterday as the carry trade unwound. I took some smaller long positions around 95.50 and think that we may get a pop higher to around 98.50.
Price has created Lower Low and Lower High last week, it's better to look out for resistance to go short in my view, there's nothing much holding it to fall further at this moment.
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The Japanese Yen continues to offer traders plenty of opportunities and after a strong rally we saw a reversal trade seven trading sessions ago. Now the USDJPY is approaching the 100 level from the other side and there are plenty of orders waiting at that level. A valid breakdown below that level on a closing base for more than three consecutive days could lead to a much bigger sell-off.
Are you in the bull or bear camp? I think both sides have larger orders going both ways at that level and all the way down to 99.00. We will soon find out how many will jump ship and if this major support level can hold or if the bears will have it their way for a few sessions.
What do you guys think?