Robert Rennie, Head of FM Strategy at Westpac, suggests that the price action of USD/JPY pair since the highs suggests that we are in the early stages of rolling over and while we remain above 110.80/ 111.20, we remain in a technical uptrend. Key Quotes “Base case for us is that we start to roll over and break down through those levels through the end of this week.” “Next week’s FOMC decision plus ‘dots’ and other associated material will be the near term critical drivers for $/ ¥. However given Rich’s view over that “It wouldn’t be a surprise if the number of dots for no hikes this year jumps significantly from two”, we have to view strength into 112 as a sell opportunity, with stops above 112.50.” “Thus we shift our 1 week bias to sell, though maintain neutral 1 month and hang onto a buy on a 3 month basis.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street opens higher on renewed trade optimism FX Street 4 years Robert Rennie, Head of FM Strategy at Westpac, suggests that the price action of USD/JPY pair since the highs suggests that we are in the early stages of rolling over and while we remain above 110.80/ 111.20, we remain in a technical uptrend. Key Quotes "Base case for us is that we start to roll over and break down through those levels through the end of this week." "Next week's FOMC decision plus 'dots' and other associated material will be the near term… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
