Post BoJ Technical outlook

June 17 2022

USDJPY 20 Pip Point & Figure chart http://www.eightdragonscapital.com

The BOJ refused to join the Central Bankers rate hike club by leaving their easy monetary policy unchanged.

The price action that followed was hectic and at first the dollar rose quickly, however it failed at 134.60 and what followed was a brutal sell off plunging to support at 132.40.

The Dollar buyers have since regained control of the market. and want to mount another attempt at 134.60 to open up 135.00 and the 135.50 recent highs in extension.

This scenario is valid as long as the USD remains above support at 133.40/20, a break down here would see further downside pressure possibly to 132.40

Learn more about P&F charts at support@8dcglobal.com

Trade at www.8dcglobal.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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