Last week I focused on Yen bulls for the week ahead primarily looking at how the hourly 20 period and 65 period exponential moving averages served as a resistance point.
This pair currently experienced an 110 pip move. Unfortunately, I only captured a mere 20 pips for a safer trade capturing a 60% movement to the support zone.
On a second analysis of this pair, we can confirm the moving average resistance with the wedge consolidation breakout formed earlier in July.
At this time, I do not recommend any continuation shorting as this pair is currently testing a key resistance turned support zone.