The USD which has moved sharply lower throughout the month of July had a bit of a reprieve today as we approach month end.
With sentiment being more cautious today after equites performed well on Monday, a short was taken in the USDJPY risking 15 pips for a potential 64 pips to our daily target at 104.88.
Price moved down with momentum to test its Asian session low, retested it and moved lower to test yesterday’s low. As we got close to the U.S. open price began to retrace and closed our trade.
Wednesday trading may be lighter in advance of the FOMC statement as traders await Chair Powell’s remarks regarding the state of the U.S. economy. Pending home sales and crude oil inventories will be released before the FED.
Good luck with your trading and stay healthy!
