NFP -- uptick in unemployment rate.. plus downward revisions. Plus soft FOMC statement, Plus Treasury Sec .. soft dollar indications.. Looking for 108.80 near 50% retrace.
What are the drivers for growth you currently see on US Dollar? Fed unsure as always about the outlook. Yes it was strong NFP but we all knew it would be strong. Did you see market reaction after the data release? Dollar tumbled as trend has changed. I'm long on GU, short UJ on swipestox platform, using bonus so its risk-free trade.
I see depreciation in the dollar except blips regarding warfare..geopolitical. Even if you know this getting a doable entry is better than taking heat on a position.
Am not into technicals. But fundamentally I tend to agree that the path of lesser resistance is down in the short to medium term. But big picture remains that still now the US is the most attractive investment location.
I am not sure whether the pair could depreciate to that level. What kind of bad news are you expecting? 108 level is too far away from USDJPY's intrinsic value (well , the pair has mean reverted to 112 today - the intrinsic value) since Japan's economy has been in recession for long time, you must be expecting something from US economy...
Well we made a lower low on a 4 hour chart on Dollar....... Same time parallel channel resistance has reacted