USDJPY – Looking for a Pullback into Key Level
Selling off for back to back days (last time was in April), the USDJPY sold off heavily after the China PMI miss and Abe-nomics plan starting to unfold.
The pair has since retreated to the daily 20ema which has held price up since early May. Although there is a 4hr pin bar signal at the 20ema level, I am suspecting a further unwind before buyers come back in. So I’ll look for price action signals to get long at 100 or 96.75 which are key pullback levels where buyers stepped in to take prices higher.
NOTE: Trading will likely be subdued Monday as the US banks are closed for …... Keep reading