Hello everyone. Thank you for reading this thread. As you know, USDJPY has been hovering around the 117 mark. What are your thoughts on trading this pair right now? Are you bullish or are you bearish?
The USDJPY keeps oscillating around the 118.00 level, the 55 EMA has served as a good support for the pair. Waiting for a breakout of either 119.00 resistance for a possible long or the 117.00 support for a possible short.
I think right now it can go either way so I will wait for it to move a bit more in either direction before placing a trade. I just closed my longs today.
I won’t like going short atm because that’s against the trend, I would rather wait until it hit support levels and then look for bullish signals and go long. However, a reversel is possible if it breaks the 116 support.