USDJPY Strength To Continue After Minor Pullback
Hello Traders!
We see the strength in USDJPY continuing as the Fed is fully behind their Hawkish tone. Although economic conditions have been very weak, in our opinion, the Fed is satisfied with the current rate of unemployment as well as inflation, their two main factors when looking at the economy and how interest will impact the future.
Our research indicates strong Institutional support around the 116.120 level and we will be waiting for a pullback close to that level before initiating a position. We are looking for those Institutional buyers to push this pair back up, targeting the 116.800 level and then the 117.50 level before running into strong resistance. Our trade will maintain a 40 Pip stop loss.
With all that said, the BoJ has their interest rate decision tonight, price action will have to be watched closely. If they shock the market the 116.120 could become invalid.
Remember, you want to be on same side as the Institutions and NOT the retain crowd. Change your thinking from a retail trader to an Institutional trader and your success will change immediately.
Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable.
Trade wish us goo.gl/y8dJxE
Subscribe to our YouTube Channel: goo.gl/a39Bcp
Follow us on Snapchat: Uniqueforex
Follow us on Instagram: goo.gl/oEZIal
We see the strength in USDJPY continuing as the Fed is fully behind their Hawkish tone. Although economic conditions have been very weak, in our opinion, the Fed is satisfied with the current rate of unemployment as well as inflation, their two main factors when looking at the economy and how interest will impact the future.
Our research indicates strong Institutional support around the 116.120 level and we will be waiting for a pullback close to that level before initiating a position. We are looking for those Institutional buyers to push this pair back up, targeting the 116.800 level and then the 117.50 level before running into strong resistance. Our trade will maintain a 40 Pip stop loss.
With all that said, the BoJ has their interest rate decision tonight, price action will have to be watched closely. If they shock the market the 116.120 could become invalid.
Remember, you want to be on same side as the Institutions and NOT the retain crowd. Change your thinking from a retail trader to an Institutional trader and your success will change immediately.
Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable.
Trade wish us goo.gl/y8dJxE
Subscribe to our YouTube Channel: goo.gl/a39Bcp
Follow us on Snapchat: Uniqueforex
Follow us on Instagram: goo.gl/oEZIal
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.