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Monday's are usually low volatility day in comparison to other week days, however today volatility in the FX market exploded as investors piled into the US Dollar. No U.S. data was released today but there was an insatiable appetite for the greenback, which rose to its strongest level since July 2013 on a trade weighted basis. The dollar hit a new 5 year high against the Japanese Yen, 14 month high versus the Euro and 9 month high against the British Pound.
After Friday’s surprisingly weak non-farm payrolls report, this strength may have caught many traders by surprise (including me), as traders were expecting some retracement on USDJPY as it looked overbought on some time frames.
However, if we look at Weekly chart, we can clearly see there is till lot of upside room for price to continue towards Weekly resistance at 109 to 110 zone.
After Friday’s surprisingly weak non-farm payrolls report, this strength may have caught many traders by surprise (including me), as traders were expecting some retracement on USDJPY as it looked overbought on some time frames.
However, if we look at Weekly chart, we can clearly see there is till lot of upside room for price to continue towards Weekly resistance at 109 to 110 zone.
