Hello traders,
We have a bearish impulsive move followed by a corrective structure with lower highs, mainly being contained by the 20 ema, hinting to the next leg being down.
The most recent bearish move looks like it could be the beginning of the breakdown, so I'd be looking to get short close about 50-61.8 retrace/confluence with the SR level, maybe this could get to 101 (given that the impulsive move leading into it was a 1000 pips)
Fundamentally, I am pretty bearish on the US Dollar, given the recent FOMC take away two interest rate hikes from projections, and the BOJ looks like it is just jawboning now, no real bullets left.
No real news events for US/J this week so looks like a safe bet here, with a healthy RR
We have a bearish impulsive move followed by a corrective structure with lower highs, mainly being contained by the 20 ema, hinting to the next leg being down.
The most recent bearish move looks like it could be the beginning of the breakdown, so I'd be looking to get short close about 50-61.8 retrace/confluence with the SR level, maybe this could get to 101 (given that the impulsive move leading into it was a 1000 pips)
Fundamentally, I am pretty bearish on the US Dollar, given the recent FOMC take away two interest rate hikes from projections, and the BOJ looks like it is just jawboning now, no real bullets left.
No real news events for US/J this week so looks like a safe bet here, with a healthy RR