Technical Analysis/USD/JPY

USD/JPY: Technical target reached and bulls need to be careful

usdjpy1w     As we know, the professional market is very long of this pair and was able to make more easy gains today after the new Japanese PM was sworn in and the latest BOJ minutes were released. The door can often be very wide going in but very narrow coming out, so bulls need to be careful now that a long-term technical target at 85.50 has just been reached. With year-end looming, we may see some profit taking start to emerge if this technical resistance level holds.

  1. Morning Rehan, the NZD/USD looks very heavy still and a full retracement to .8055 looks possible. I’m always wary of any moves that happen in thin Christmas markets so I don’t think we are seeing any major trend beginning. As for USD/JPY, plenty of really strong reasons to be long this pair but the pro mkt is already very long. Best to trade it day-by-day and not try to pick random targets imho

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