We’ve been following the current USD/JPY narrative on the blog for a while now, with price above a higher time frame support level, but now capped inside a range as it tries to work its way higher.
Obviously yesterday’s USD negative Fed rate hike kept price within this range and brought price back down again.
But to me, so long as we’re above this following daily level…
USD/JPY Daily:
…then long are in play, and any short term pullback such as this is there to be bought.
Short term pullbacks to levels such as this…
USD/JPY 4 Hourly:
…where price is obviously at least starting to react.
Just keep in mind that earlier in the week I’ve been talking about shorting EUR/JPY.
