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Coleman: Looking for more aggressive selling in USDJPY
Investors have a bearish stance on the dollar after yesterday’s Federal Reserve meeting caused the dollar to weaken against a series of major currencies. Ian Coleman from First 4 Trading predicts that the currency’s weakness will be particularly evident in the USDJPY pair.
The currency pair stood at JPY 102.38, a one-week high, on Wednesday before the FOMC meeting. Prices have since fallen and Ian is looking for the aggressive selling pressure to continue. His bearish medium-term outlook is reinforced by the presence of a large descending triangle formation.
Ian is looking to sell at the market open and also at JPY 101.98. His first target for the trade is USDJPY’s low on June 12 at JPY 101.60. His second target is the base of the descending triangle pattern at JPY 101.20. A stop can be placed at JPY 102.15.
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