Weak Yen Continues to Guide

Several weeks ago we highlighted the weak yen shortly after USD/JPY crossed over what at the time seemed like stiff resistance at the 130.00 level.

Since that time the currency pair has continued to soar touching above 136.00 and now settling in a range between 134.50 and 136.50.

It is normal that the current range is fairly wide given how far the pair has run in 2022.

That said, traders can and should keep their eyes peeled for prime opportunities to buy deep dips. Doji formations, double doji formation and inverted pinbars on the Daily or Four Hour charts are optimal patterns on a chart to look for before adding a new buy position.

The 140.00 level is now within stiking distance. We may see more of a retracment in tne pair before the month of June is over. However buying deep dips remains a lucrative approach for USD/JPY.