Given strong first week of the Trump administration, we see their challenges incoming as well as a strong market has response.
Many price points were hit over the weekend, most of the show "if broken" a downward retracement hitting support before moving back up. Overall forecast was but a wind comes after confidence hit, some people predict a fall back to the yen.
***Remember or movement depends on market price factors not pure speculation or pure news reaction. A prediction is easier to make after hitting certain planned price points. And price points have been reached during London Open for Jan 30th.***
Entry Point 114.7-9
SL: 115.0 ~ 10-15 pips
TP 114.2 ~ 60 pips ; you can be more aggressive and go for the 113.9 point.
It also broke the 113.9 support zone.
Breaking into the next support zone at 112.5.
Before getting to 112.5, we see new support at 113.15.
Many people rode the wave from 113.5 to 113.9 back and forth a few times before Jan 31st NY session open. It is now at 113.35
Usually non-fiscal policy news does not have a direct lasting impact on market prices but this time the immigration ban does seem to have quite negative impacts on many major corporate players. Particularly tech sectors, and long-term productivity related investors. Real players leaving the market because of business difficulties in the USA would cause a lasting market swing. Which can assist in the explanation of the dollar staying low and not rebounding.
Good luck everyone and thank you for reading this. I hope to continue to learn.