USDJPY has been quite weak since last month and now we are nearing the monthly target zone for bears at MM1, i am still a bear right now until this pair makes a u turn to the upside. BUT i will tread very carefully as Bulls are getting ready, strong levels of support down at 108 on the USDJPY. WE also know that USDJPY is inversely correlated to Gold and gold seems to be heading into serious levels of resistance up at 1291. so maybe we see Gold fall for the rest of the month and USDJPY going up

USDJPY DAILY

range bound on the Daily but on a lower time frame, there has been a down trend. We are close to the monthly target for bears, but i am expecting one more push down before we head up again. i will b e trading this very cautiously.

USDJPY H4

very clear down trend on the H4, i am waiting for a pull back up to around 109.609 and will look to short this managing my trade very carefully as this i aggressive as a bear. . . There is a potential for a reversal on this and gold as they have a correlation. if gold starts to move down this will start to move up and i will exit the trade and wait for the confirmation to buy USDJPY and sell Gold

XAUUSD DAILY

Gold at the top of the range with stochastics heading towards the overbought levels. in order to short this i will wait for a reversal on a lower time frame and sell

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