USD bears are getting quite excited at the prospects of a dovish speech from Jerome Powell on Friday. Perhaps a bit too excited. Market pricing has been quite dovish for some time now, so he will really have to crank up the dovish music on Friday to justify the latest surge of USD selling.
USD/JPY fell over -12.5% from the July high to August low, yet formed a higher low above the Dec/Jan lows. We suspect a deeper retracement against that initial drop could be due.
However, momentum is trying to turn lower on the 4-hour chart. Out bias is bullish while prices remain above 144, and will seek dips towards that level. A false break of Monday's low could work nicely (assuming prices pull back that far), in anticipation of a move back towards 150.
USD/JPY fell over -12.5% from the July high to August low, yet formed a higher low above the Dec/Jan lows. We suspect a deeper retracement against that initial drop could be due.
However, momentum is trying to turn lower on the 4-hour chart. Out bias is bullish while prices remain above 144, and will seek dips towards that level. A false break of Monday's low could work nicely (assuming prices pull back that far), in anticipation of a move back towards 150.
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