USD/JPY LONG SETUP +135pips
My overall conviction for the strength of the US economy is extremely strong with expecting the DXY to push much higher than market prices. Despite a lower than expected NFP figure today the internal metrics within the data such as wage growth , unemployment rates & household surveys were extremely optimistic for the US economy further acting as a confluence to UJ longs.
From a technicals standpoint UJ has made a HTF rally and it could potentially pullback into a 45m area of demand to collect orders before pushing higher. A 10pips stop hunt was also evident at the same zone showing the tendency of price to act as such in the area. Price should also move lower to clear any buy-side liquidity under the trend line before mitigating the area of demand.
If all goes to plan an easy 135pips would be banked.
From a technicals standpoint UJ has made a HTF rally and it could potentially pullback into a 45m area of demand to collect orders before pushing higher. A 10pips stop hunt was also evident at the same zone showing the tendency of price to act as such in the area. Price should also move lower to clear any buy-side liquidity under the trend line before mitigating the area of demand.
If all goes to plan an easy 135pips would be banked.
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