Lots of USD pairs are at questionable highs. With the market acting crazy, could we see the Dollar to crash, in my opinion I reckon it is due to - but it’s only a matter of time. With the Fed injecting ‘unlimited’ amounts of money into the market, this can only end back sooner rather than later.
Here I have marked up USDJPY. You can see that price is respecting trend quite well, and price is making it’s way back up to a supply area where price previously crashed around 1000 pips - could we see this happen again?
I’ll be looking to sell around the 112.0 area depending on price action.
Let’s wait and see. Good look and risk accordingly if you decide to enter.
The market moves in a narrow channel. The triangle formation on USD/JPY is completed and I expect the further impulse. Buy signal area is 108.0-10(MA250 4H) with a target at 108.65(MA150 4H). The 107.60 (MA150 4H) support is now affecting the price and in case of breaking down, the next level will be 107.30. The triangle will be breached after breaking through 107.00 level with targets at 106.50 and 105.25.