USDJPY making a lower high, 78.6% retracement from Jan'2018 highs which suggest an impending CD down leg is commencing with a downside target of around c.102.6 +/- which would coincide with multiple congestion zones since 2013. When trading the USDJPY, it always pays to look to run the opposite trade in the EURUSD. EURUSD making a potential higher low, 78.6% retracement from the Nov'17 trough with an upside potential of c.1.27. No confirmation yet, but a short in the USDJPY should entail a corresponding long in the EURUSD and closing of any DXY longs.
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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.