Shanghai Index is down (-3.2%) and Nikkei is down (-1.5%) today. Thus so far, it looks like RISK-OFF day.
Looking at the Daily chart, USDJPY has been rejected by 21EMA.
Thus I still want to wait for the Short opportunities with USDJPY.
Looking at the Hourly chart (above), there are supports at 120.20 & 119.60. I would like to wait for the breakout strategies for both areas.
If the breakout doesn’t occur, I wouldn’t trade this pair today.
YJ Baik – Forex.Today @ Tokyo