USDJPY – Longs in play
We’ve been talking about the USDJPY and the BOJ interventions. Whenever the USDJPY is trading in a bearish market condition I hesitate about going short because of possible interventions, but when it is in a bullish market condition, if the BOJ intervenes, it will be in the direction of our trade. And that’s the case today, it is in a clear bullish market condition.
The Dollar-Yen is trading in a bullish market condition, last Friday it broke through an important resistance level and today it is trading above every important level in the short term charts: