USDJPY, Daily
The JPY continues to strengthen on the back of lower commodities and outflows for China as the flight to safety trades remains open for the time being.
Since current USDJPY market price remains below the longer term (Monthly) chart trend-line, as well as negative MA analysis, along with the big picture macros, my conclusion is for further JPY strength.
This strength will lead the USDJPY pair lower over the medium term towards price targets 116.70 (Target 1), and 115.90 (Target 2).
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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