Direct from the desk of Dane Williams,
This is not your average forex broker blog.
On the weekend, I spoke about how USD/JPY highlighted safe-haven flows leaving the Dollar and moving back into the Yen.
"Japan is seemingly handling the outbreak of Coronavirus on their shores much better than the US and as a classic safe-haven currency, we could see USD/JPY really start to dump back through some of these daily zones next week."
Let's take a look at this week's price action:
USD/JPY Daily:
You can see that price has gone through the first daily support zone in line to be broken.
With price now below the higher time frame zone, the pair moves in-play for the sellers.
Zoom into an intraday chart and look for those same retests of short term support turned resistance to short off.
Best of probabilities to you,
Dane.
@forexbrokr | Hive Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr