I am going long with USDJPY.
While the pair is in a correction, there's reasons it should still go up.
The Fed is set to hike interest rates due to rising inflation soon,
while BOJ is set to maintain as it misses the 2% inflation target (0.4% April).
US 10 yr is bullish.
US 1Q GDP is at 2.3% while Japan did -0.6% 1Q GDP
Looking at weekly resistance 112 as my TP
Expect resistance at 111.10 swing high followed by 111.50.
Support at 110.50 followed by 110.36
The pair is trading above its 50, 100, and 200 SMA-period SMA on 4hr chart suggesting a strong upward momentum.
Buy on dips.
While the pair is in a correction, there's reasons it should still go up.
The Fed is set to hike interest rates due to rising inflation soon,
while BOJ is set to maintain as it misses the 2% inflation target (0.4% April).
US 10 yr is bullish.
US 1Q GDP is at 2.3% while Japan did -0.6% 1Q GDP
Looking at weekly resistance 112 as my TP
Expect resistance at 111.10 swing high followed by 111.50.
Support at 110.50 followed by 110.36
The pair is trading above its 50, 100, and 200 SMA-period SMA on 4hr chart suggesting a strong upward momentum.
Buy on dips.
I am looking at the 110 area as a strong support and I think this will recover from here.