DOLLAR REVERSAL ON?! USD/JPY MAY TELL THE STORY
Fundas - So with the Dollar starting to show some strength towards the end of this week and no more major catalysts for the short term, bulls may be testing the waters from here. The main risk to the markets is the Syria situation, which seems to be clearing up, however weekend gap risk still remains if new information comes to light.
Techs: I don't trust an initial breakout of this consolidation between 107.50 and 106.50 for a long play, I expect there to be sellers at and around the 108 handle. If price pulls back and defends the 107.40-50 area, I would be much more inclined to go long then with a stop below the 107 handle, expecting a launch back into the 109.25-110 zone for a solid r/r trade
Techs: I don't trust an initial breakout of this consolidation between 107.50 and 106.50 for a long play, I expect there to be sellers at and around the 108 handle. If price pulls back and defends the 107.40-50 area, I would be much more inclined to go long then with a stop below the 107 handle, expecting a launch back into the 109.25-110 zone for a solid r/r trade
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