USDJPY IDEA
Technicals:
USDJPY is forming what could be a great double top. I would not like to buy into this right away as the MACD is showing some bullish weakness along with the DSS just heading out of 'overbought' territory. I would like to see a slight pullback before entering into the overall uptrend.
Economics:
The USD is showing some bullish signs such as likely FED Hikes. I am extremely happy to take a long mainly based on the JPY. It was consensus the BoJ (Bank of Japan) would intervene once the USD/JPY had reached the 150.00 level. This is no longer the case, consensus is now that the BoJ will not intervene until 2024. This means the JPY weakness will more than likely continue into early 2024.
USDJPY is forming what could be a great double top. I would not like to buy into this right away as the MACD is showing some bullish weakness along with the DSS just heading out of 'overbought' territory. I would like to see a slight pullback before entering into the overall uptrend.
Economics:
The USD is showing some bullish signs such as likely FED Hikes. I am extremely happy to take a long mainly based on the JPY. It was consensus the BoJ (Bank of Japan) would intervene once the USD/JPY had reached the 150.00 level. This is no longer the case, consensus is now that the BoJ will not intervene until 2024. This means the JPY weakness will more than likely continue into early 2024.
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