Dollar’s day end closing above the falling trend line suggests a short-term bottom has been made at 99.986 levels, although a 450 pip rally could lead to a short-term loss of momentum and sideways to choppy trading.
Spot needs to break above strong resistance at 105.07 (50% of May 31 high-June 24 low) – 105.09 (78.6% of June 24 high-low) preferably on the daily closing basis if it has to break above 105.55 and test 106.00-106.30 levels.
On the lower side, fall back inside falling trend line on daily closing basis could yield a re-test of 100.00 levels.
Upticks in USD/JPY to be met with fresh offers?
There is a widespread belief that Japan is coming up with a double barreled stimulus (fiscal + monetary) stimulus. Including us, there is a significant majority in the market that believes more stimulus is unlikely to be well received by the markets.
For example - Hantec Market analyst appeared on our Finance show today, where he talked about selling upticks in the USD/JPY pair as he believes more stimulus won't work the way bank/government would like it to be. Here is the video titled - Bearish on Cable, Sell upticks in USD/JPY – Hantec Markets - youtube.com/watch?v=AdxNmsMleqI
Spot needs to break above strong resistance at 105.07 (50% of May 31 high-June 24 low) – 105.09 (78.6% of June 24 high-low) preferably on the daily closing basis if it has to break above 105.55 and test 106.00-106.30 levels.
On the lower side, fall back inside falling trend line on daily closing basis could yield a re-test of 100.00 levels.
Upticks in USD/JPY to be met with fresh offers?
There is a widespread belief that Japan is coming up with a double barreled stimulus (fiscal + monetary) stimulus. Including us, there is a significant majority in the market that believes more stimulus is unlikely to be well received by the markets.
For example - Hantec Market analyst appeared on our Finance show today, where he talked about selling upticks in the USD/JPY pair as he believes more stimulus won't work the way bank/government would like it to be. Here is the video titled - Bearish on Cable, Sell upticks in USD/JPY – Hantec Markets - youtube.com/watch?v=AdxNmsMleqI
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