Tuesday, December 9, 2014

100 pip bounce on the USD/JPY

The Dollar has been weakening since the beginning of today’s trading session versus the main world currencies, especially versus the Yen, due to the risk aversion that the markets have felt for today. The main stock exchanges around the world are in the red and that has hurt the Dollar, that is why we saw the USD/JPY plummet to the 118.00 level, only to bounce right back up above the 119.00 level. The pair moved 100 pips in one direction and 100 pips in the opposite direction.

The volatility that we have seen on the pair has been really amazing and now if the 4 hour candle closes like a “hammer” formation, then there is a good chance the trend will change to the upside and a visit to the 120.00 level is possible.


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