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Hey guys,

With USD/JPY ripping faces off last week, the buck certainly reigned supreme. Heck, even the Japanese Yen lost its safehaven status, in what what a weird week for fundamentals.

The US Fed Chair, Jerome Powell, gave us some quotable headlines, when he said that he sleeps well at night because of how good a shape the US economy is in.

Powell loves it and the market loves that he loves it!

The US Dollar also gained on growing trade war fears, surprisingly also against the safe-haven yen and the Swiss franc, which seem to have lost their safe haven status as I mentioned above.

For now at least, with USD/JPY making a major break to the upside.

I wanted to wait for the US retail sales release before I blogged tonight, but they’ve done sweet fuck all for movement, so meh.

Here’s a daily chart to kick off the technical picture:

USD/JPY Daily

Big breakout to the upside that you can clearly see, as price smashes through trend line resistance and instantly moves to the next zone.

Zooming into the hourly though:

USD/JPY Hourly

You can see price has has stalled at this next zone and with a short term pullback, there’s a big opportunity to get short here.

I like this one a lot. Happy Monday!

✌🏻.

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@forexbrokr | Steemit Blog

Market Analyst and Forex Broker.

Twitter: @forexbrokr
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