USD/JPY 151.95
Sometimes all that a trader needs is a single line in the sand.
And last week, just as in early-May, that was the case in USD/JPY. The same 151.95 level that marked the high in 2022 and 2023 has come in for support a second time so far in 2024 trade, and that was the level where the bleeding had stopped on Thursday.
Interestingly this also shows as RSI pushes down to the 30-level on the daily chart and that's something that hasn't happened since last-December, right around when the pair had set its recent low.
Next week brings both the Bank of Japan and the Federal Reserve for rate decisions so this can certainly change: But there could be wide-ranging consequences if it does. The Nikkei sold off hard last week as Yen-strength re-appeared, and tech stocks in the US took a nasty turn, as well.
So, as always, there's no free trade here. But there is support. And if bears can force a deeper move there's another level lurking below, around the 150.00 psychological level, that comes in as a point of interest.
-js
And last week, just as in early-May, that was the case in USD/JPY. The same 151.95 level that marked the high in 2022 and 2023 has come in for support a second time so far in 2024 trade, and that was the level where the bleeding had stopped on Thursday.
Interestingly this also shows as RSI pushes down to the 30-level on the daily chart and that's something that hasn't happened since last-December, right around when the pair had set its recent low.
Next week brings both the Bank of Japan and the Federal Reserve for rate decisions so this can certainly change: But there could be wide-ranging consequences if it does. The Nikkei sold off hard last week as Yen-strength re-appeared, and tech stocks in the US took a nasty turn, as well.
So, as always, there's no free trade here. But there is support. And if bears can force a deeper move there's another level lurking below, around the 150.00 psychological level, that comes in as a point of interest.
-js
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