the daily chartist

The Yen delaying the movement down

published 1 year ago
USD/JPY Daily

 I've mentioned on Wednesday that the price will initiate a movement down as there were a couple of factors for that to play as a catalyst and to drive the price lower for a correction to 113.161. As the day went on, the USD  lost strength and the Yen gained some grounds. It reached a high of 114.553 where the price closed there as the impulse for the ended. On Thursday and Friday USD strength resumed and we saw the movement down to accelerate Both of the CCI and Stoch are still overbought so for me the movement on Wednesday was the last call for Bulls to clear out more stops and to set the price higher for better selling opportunity, which indeed followed. I am still hanging on to the idea that the price will make a correction to 113.161 for a test to see if the USD can actually gain more in the future against the Yen.