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Over the past months, Yen hasn't been a great pair to trade with policy divergence outlook as it kept on gaining from time to time, riding on risk aversion. Moreover, no further easing from Bank of Japan (BOJ) has been weighing on Yen.
However, for the time being all that seem to be past now. With US Federal Reserve giving one of its most prominent hint of openness and possibility of a rate hike in December and equities shrugging of any risk sell off, Yen doesn't seem to be the darling any more.
Yen on the basis of hourly high-low has broken above its recent congestion and seem ready to move higher against Dollar.
Trade idea -
- Buy Dollar against Yen at current rate (121.9) and dips below.
- Stop loss for the trade is around 118.
- Target for these trades are 123.2, 125 and 128 area.
- Key supports for this trade area at 121.5, 121.3, 120.9 and 120.2 area.
- Resistances are around 125 and 126.
