Dollar getting beaten up after another set of poor economic numbers
I hope so as I've just gone short USDJPY at 119.21. I've been feeling bearish for a while and apart from a bit of jobbing I've sat on my hands. Now it's time to start building some shorts. I've probably missed the choice levels up at 120+ but I'm happy to start scaling in for a decent downside move. As always, there's plenty of obstacles in the way.
118.75/80 is the first should we break 119.00 followed by 118.50, 118.20/30 and the previously strong 118.00/10 level
USDJPY daily chart
At the very least I'm hoping we get a test of the 118 level but I'd like to see that go so we can open the door to a look towards the low 117's or better
As can be the case with this pair it can be a hard slog to get anywhere while now and again it can be fast and furious. I see little risk to the upside range edges at the moment so will be happy to add to shorts, should we bounce from here to 120 and beyond