Hello traders good to be back with you today on this Friday end of the week. So when I opened my charts early in Asia I was looking at this pair the USDJPY and found it to be very interesting. I went to the daily chart and the trend is bullish and as we look at this 60 minute chart the trend is bearish. This is I would think all about the dollar and as we have seen on the dollar index it has hovered at the 100 mark and has been in that range for over a week. My thought is this may continue down as the dollar weakens or stays and the yen becomes strong. I have placed the Fibonacci tool on the chart and looking for the pull back to the 38.2 level and a possible entry at the price level of 113.80. I am looking for this to sell off to our take profit zone at support as marked on the chart at the price zone of 112.50.
Thank you traders and we will talk soon….William