Direct from the desk of Dane Williams.
We've been expecting USD/JPY to dump for the last couple of weeks.
Waiting for the Yen to gain from safe-haven flows after the reality of how fucked the post-coronavirus economy actually could be.
As the Fed money printer continues to go brr, a big USD/JPY dump just hasn't eventuated.
Let's take a look at an updated daily chart.
USD/JPY Daily:
You can see price finally print a new low as it goes through the higher time frame support zone we've been watching.
There's certainly been some intraday opportunity to sell previous short term support turned resistance over the previous 2 sessions.
A tactic we're going to continue to use if the pair looks like dropping down to the next higher time frame zone we have marked, still 180 or so pops lower.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.