Dollar’s day end closing above the falling trend line suggests a short-term bottom has been made at 99.986 levels, although a 450 pip rally could lead to a short-term loss of momentum and sideways to choppy trading.
Spot needs to break above strong resistance at 105.07 (50% of May 31 high-June 24 low) – 105.09 (78.6% of June 24 high-low) preferably on the daily closing basis if it has to break above 105.55 and test 106.00-106.30 levels.
On the lower side, fall back inside falling trend line on daily closing basis could yield a re-test of 100.00 levels.
Upticks in USD/JPY to be met with fresh offers?
There is a widespread belief that Japan is coming up with a double barreled stimulus (fiscal + monetary) stimulus. Including us, there is a significant majority in the market that believes more stimulus is unlikely to be well received by the markets.
For example - Hantec Market analyst appeared on our Finance show today, where he talked about selling upticks in the USD/JPY pair as he believes more stimulus won't work the way bank/government would like it to be. Here is the video titled - Bearish on Cable, Sell upticks in USD/JPY – Hantec Markets - youtube.com/watch?v=AdxNmsMleqI
Spot needs to break above strong resistance at 105.07 (50% of May 31 high-June 24 low) – 105.09 (78.6% of June 24 high-low) preferably on the daily closing basis if it has to break above 105.55 and test 106.00-106.30 levels.
On the lower side, fall back inside falling trend line on daily closing basis could yield a re-test of 100.00 levels.
Upticks in USD/JPY to be met with fresh offers?
There is a widespread belief that Japan is coming up with a double barreled stimulus (fiscal + monetary) stimulus. Including us, there is a significant majority in the market that believes more stimulus is unlikely to be well received by the markets.
For example - Hantec Market analyst appeared on our Finance show today, where he talked about selling upticks in the USD/JPY pair as he believes more stimulus won't work the way bank/government would like it to be. Here is the video titled - Bearish on Cable, Sell upticks in USD/JPY – Hantec Markets - youtube.com/watch?v=AdxNmsMleqI
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.