FX CHART OF THE DAY: MEAN REVERTION UPWARDS PROBABLE USDJPY
USDJPY reentered 1st standard deviation from weekly (120-h) mean after a sharp drop earlier this week
In my previous chart I also mentioned that USDJPY held long term levels (see related)
Price is now likely to tag the weekly mean, as it moves into usual lateral range
USDJPY is also supported by BOJ, continuing its extensive monetary stimulus
Traders can take long positions close to the lower 1st standard deviation (118.70) targeting the mean (121.00) - with stop below recent lows (118.20)
In my previous chart I also mentioned that USDJPY held long term levels (see related)
Price is now likely to tag the weekly mean, as it moves into usual lateral range
USDJPY is also supported by BOJ, continuing its extensive monetary stimulus
Traders can take long positions close to the lower 1st standard deviation (118.70) targeting the mean (121.00) - with stop below recent lows (118.20)
