The USDJPY pair finds itself back at the daily falling trend line that capped it in the 113’s in January. In addition to this, we’re also in the weekly m4/r2 pivot zone where bulls would presumably be taking some money off the table.

It is in a powerful uptrend on the short term time frames so caution is advised. It’s definitely plausible to hunt for sell opportunities in this area though.

Look for a breakdown in M15 price action. If the short is successful I’d be seeking 109.37 (weekly central) as the first target and evaluate from there.

USDJPY-Daily

USDJPY-Hourly

Leave a Reply