Trading Outlook- USD/JPY
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Originally Updated: 06:25am
Currency Pair: USD/JPY
Sentiment: Bullish
Market focus:
In today’s trade set up we will be focussing on short term buying opportunities on the USD/JPY.
Fundamentals:
The USD/JPY continued it’s one way move, breaking the 115.00 handle over night, after BOJ Governor Kuroda said yesterday he saw no limit to what steps the central bank could take in its goal to achieve their target inflation rate.
In the US, the Fed having a more hawkish outlook over the US economy is on track to raise rates as early as next June giving us a good trading opportunity on the USD/JPY.
Technicals:
We have a nice confluence zone at 113.70-113.50. This should offer short term support for any pullback.
Stop loss could be placed at 113.20
Take profit target: 114.20
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Source:: Trading Outlook- USD/JPY