USDJPY: This Week We Watch For a Break Of This Beautiful Pennant
There's a picture-perfect pennant forming here. This is where technical analysis gets really fun.
USDJPY short term moves are basically reliant on Federal Reserve and Bank of Japan policy announcements.
There will be a Bank of Japan Monetary Policy Minutes "Summary of Opinions" release on Thursday March 28th (in 3 days) that can influence the currency pair's next move.
I expect USDJPY to break to the upside, but let's wait for a clear break of the pennant to confirm.
Long term, don't get stuck with a long yen position. 150 is the new normal, soon to be 200.
Good luck.
USDJPY short term moves are basically reliant on Federal Reserve and Bank of Japan policy announcements.
There will be a Bank of Japan Monetary Policy Minutes "Summary of Opinions" release on Thursday March 28th (in 3 days) that can influence the currency pair's next move.
I expect USDJPY to break to the upside, but let's wait for a clear break of the pennant to confirm.
Long term, don't get stuck with a long yen position. 150 is the new normal, soon to be 200.
Good luck.