Yen strength continues
Dollar / Yen moved higher yesterday at week open after there was chatter that the BoJ would do more than what is expected during the September meet. But the towards late European session Dollar / Yen pared all of its gains and traded in a tight range of 30 pips.As of now we see downward pressure intact in the pair and its trading at 100.12. The downward trendline meets at this level below which is the support at 99.9 , A break of the the trendline calls for a sell in the pair (sell on break of 100.10) for prices could test 99.9 and a break of this could take price to last low of 99.5.I expect a break of this low (99.5) to take prices faster to 99 levels.We can look at these levels on a intra day basis.A stop is advised above 100.5 for this set up. Also for low risk trades a sell is ideal at 100.33 (price meets an (strong resistance) EMA from below) or above with stop above 100.7 for similar targets.
All eyes this week will be on the Jackson Hole meeting to be held on Friday.We will hear Fed Chair Ms.Yellen and would be looking at any hint for further rate path from her.
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