Good day traders!
The chart above shows us that after a 5 wave decline, the usd/jpy is going horizontal. The market is contemplating what it should do next with risk aversion in the air right now.
I am monitoring this pair and am thinking of buying this forex pair as in the long term USDJPY chart, the pair looks bullish.
Its interesting to learn how the pair behaves as both the USD and the JPY are favourites when there is risk aversion in the forex markets and they are often known as the safety currencies.
I will update the blog when I see something interesting.
Good luck in trading the forex market!
Forex Trader/Forex Blog