Price needs to complete the corrective pattern before forming any buy or sell setup.
Price may form a channel or an expanding flat patterns.
There is chance for the price to visit 118.50 which is historical level for the price to reach. Considering previous height formations of the price action I think price keeps the chances of reaching 118.50 level.
Fundamentally, FED's rate increase may push the smart money towards JPY, resulting in increase in demand for JPY. BOJ has the lowest borrowing rate and does not have any inflation problem to deal with. Demand for JPY may stay at elevated levels during this market dynamics.
Price may form a channel or an expanding flat patterns.
There is chance for the price to visit 118.50 which is historical level for the price to reach. Considering previous height formations of the price action I think price keeps the chances of reaching 118.50 level.
Fundamentally, FED's rate increase may push the smart money towards JPY, resulting in increase in demand for JPY. BOJ has the lowest borrowing rate and does not have any inflation problem to deal with. Demand for JPY may stay at elevated levels during this market dynamics.
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Watching the pair to start and complete the correction.
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