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Chart of the day: USD/JPY

The USDJPY bounce stalled at the 38% retracement today at 140.25 which could be the top of the bear flag pattern. Also, the 50dma is also near the highs today as well. A move back below the 139.00 would suggest that the pair will revisit the 200dma and possibly lower. Also, to note, the Bank of Japan meeting is next week and there is speculation of a possible change in Yield Curve Control (YCC) on the horizon which could strengthen the JPY.

Author

Blake Morrow

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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