In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we observe a structural failure to the downside in USDJPY.
Firstly, we will dive into some of the fundamental events surrounding the USD, that event being the FOMC last night. It was a very dovish meeting last night, sighting a pause in increasing interest rates for the duration of the year. This indicates a number of concerns both domestically and globally.
With that in mind, we have taken a close look at the USDJPY and have seen a strong structural failure to the downside. This coupled with a strong breakout below a lower trend line and a strong bearish candlestick gives us many reasons to look for an opportunity to sell. As a result, we are looking to sell this market below yesterday’s low of 110.50.
Structural Failure to the Downside in USDJPY – Full Video Analysis
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