USD/JPY technical analysis
The above-estimated CPI print saw USD/JPY fall ~20 pips, which is by no means a particularly big move. But it has helped the pair retrace further from its highs as we head closer towards the key US PCE inflation report later this week. Technically, I am now seeking evidence of a swing low for a potential swing trade long on the 1-hour chart.
Prices remain trend support, and today’s low stalled just above a volume node from a prior congestion zone. Low-volatility retracements towards today’s low could be appealing for dip buyers, who anticipate for prices to break above the weekly pivot point.
The above-estimated CPI print saw USD/JPY fall ~20 pips, which is by no means a particularly big move. But it has helped the pair retrace further from its highs as we head closer towards the key US PCE inflation report later this week. Technically, I am now seeking evidence of a swing low for a potential swing trade long on the 1-hour chart.
Prices remain trend support, and today’s low stalled just above a volume node from a prior congestion zone. Low-volatility retracements towards today’s low could be appealing for dip buyers, who anticipate for prices to break above the weekly pivot point.
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71 PIPS