The risk sensitive USDJPY moved lower in the first half of the U.K. session, finding a bottom just beneath 107.50 then it began to move higher early in the U.S. session. A long was entered after a reversal pattern risking16 pips for a potential 37 pips to our daily target at 107.99.
Price was able to retrace its entire daily move lower as we exited the trade at our daily target.
The DXY which has been holding a technically important level just above 90.00 this week was not able to today and finishes the week bearishly.
Next week traders will be watching the Bank of Japan on Monday and the FOMC outcomes on Wednesday.
Good luck with your trading and enjoy your weekend!
