Ever since the Yen topped at 152.00, the downfall has continued in a synchronized fashion of lower lows and lower highs succinctly. Will this continue?
Here in the chart a couple things to notice:
– A continuous downtrend
– Massive sell pressure arrived in 136.600 – 137.00 area making the Supply Area
– This is the first time $USDJPY has tested this area on the upside
– 200 EMA slowly rising
– RSI is nearing extreme oversold levels
I think a short here with a 1.5:1 Risk to Reward would be justified as long as you began this short position in the Supply Area. From there you can target nearest support for safety and if you are feeling risky targeting the Demand Zone before the buyers stepped in.
Not financial advice. Hotep & Build (Wealth).