Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

USD/JPY Fails Bullish Breakout; Bearish Under 102.10

USD/JPY broke above a falling trendline briefly today after the FOMC statement. However, after the subsequent press conference, which completed today's event risk, traders faded the greenback and USD/JPY fell below 102. It is stalling as it tries to break below a rising trendline. 

(usdjpy 1h chart 6/18)

There is a pivot at the 102.10-15 area. If price rallies but fails to break this area, the bearish outlook remains in play, and the 101.60 low is in sight in the short-term, with downside risk extending toward the 100.83 May-low. 

A break above 102.15 revives the bullish outlook first toward today's 102.35 high, then towards the 102.79 high on the Month.