Bank of Japan recently announced no change to the monetary policy. This further supports a yen depreciation especially adding the fact that FOMC is very hawkish. We will continue to look for buy entries in pullbacks. First area of interest is the 129.00~129.50 level. We will be looking for a consolidation/reversal pattern first. After a breakout, we will prepare to buy the neckline retest. A very simple road map.
Note
The price formed a double bottom and bounced up from the area of interest. USDJPY is resuming its bullish trend, aiming to retest the previous high of 131.00 level
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.