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Jul 30 - 06:12 AM
USD/JPY - Long Candle Tails Increase Chance USD/JPY Rises This Week
First appeared on eFXplus on Jul 30 - 03:50 AM
  • Daily close above the kijun line at 111.27 should stoke USD/JPY demand
  • Bulls gained a foothold with recent failure to close below key 110.65 Fibo
  • 110.65, a 50% retrace of the 108.12 to 113.18 (EBS) rise
  • Long tails on Thursday/Friday candles = sign downside is being rejected
  • We will stick with our short for now, will look for opportunities to square
  • USD/JPY long candle tail raises odds of a downside rejection nL1N1UN053

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