Yen bulls get a thumbs up – Trendsetter FX

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Dollar-Yen is another pair that may have trapped investors on the wrong side yesterday. Gap down opening in oil also saw USD/JPY drop in early Asia yesterday to 107.84 before the recovery set-in. The bird flew higher to near 109.40 levels today. Trendsetter FX’s Wilson Leung gave thumbs up to Yen bulls as he detailed weekly head and shoulders pattern and low probability of US rate hike next week as major reasons for a sustained weakness in USD/JPY pair. Leung took note of March low of 110.67

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