Today’s USD/JPY is "awaiting"
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Good morning, everyone.
Yesterday, there was a discrepancy in reporting between the Bank of Japan and Prime Minister Suga regarding a rate hike, and the dollar/yen spiked.
I think the answer will come at the next BoJ monetary policy meeting.
If there is a surprise, it would be the opposite, so a sharp drop is also possible.
This morning, due to that surge, it has been forming a wide range for a while.
Dollar/Yen 1-hour & 1-minute chart
Because the range width (yellow) is fairly wide, traders who are good at this can aim for both directions.
The safe play is to trade in the direction of the 1-minute chart after clearing the red and blue ☆, which should be easier to win.
Most trading is waiting, so staying patient and watching is also a form of trading.
On the 1-hour chart, the first goal is around 15,700, so in an upward move, aim for that level.
If it goes down, the first target of the drop is around 15,500, the zone where the sharp rise earlier yesterday occurred.
In the dollar/yen, full retracements happen quite often, and especially when there is a surprise spike or drop, it tends to return to the original level.
Because of that, if the blue ☆ breaks downward, you should also consider 15,500 as a target.
This morning's Tokyo midday rate was on a downward trend.
Movement toward the Tokyo noon value is common, so be careful with easy counter-trend L (short) positions.
Thank you again for today as well.
Anyway, for traders who truly want to succeed in trading and make a living from it, the techniques I recommend—techniques you can learn on your own—are these below:
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