Forex trading on USD/JPY, Bank of Japan at critical point – Trading long on WTI [Video]
|In our last video we looked at the weakness of JPY.
Could it get any worse? Yes, apparently.
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OK, in all my years of making these videos, I am doing something that I have never done before.
I am displaying currency pairs using Monthly charts.
That’s how bad the situation is for JPY pairs.
According to those in the know, the intervention point for the Bank of Japan is 157.60 on USDJPY and price action is currently at 155.65 and you can see that this chart goes back over 12 years.
So, the BoJ will announce their decision Friday morning Tokyo time so let’s hope we see a reversal or two.
We have been following the bull run in WTI Crude Oil and price action has bounced off this lower trend line with the next key level above just shy of $87.
And, we mentioned buying the dip on indices last time and this is what we meant.
For example, the slide reversed on the NASDAQ at this key level.
Just watch out for next week’s US Interest Rate Decision which could change all that.
That’s all for now.
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