USDJPY short term reversal in play

USDJPY short term reversal in play

Key Resistance: 11.65
Key Support: 111.10

Earlier this week Japanese Yen futures (6J) crashed (-1.11%) whilst the USD kept rallying from the FOMC day bump. This was the perfect bullish pressure for the USDJPY bidding up prices to a massive level.

The 11.70 level was March 23rd 2020 highs. After price reached this highs the USDJPY traded down 8.18% during 287 days to January 4th 2021 lows.

Today we saw price retesting this level whilst creating a reversal pattern at the top of the move. Shorts were in play at the break of today’s lows.

We are targeting Wednesday´s highs because it´s NFP Friday.

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Author : Orlando Gutierrez

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