USDJPY Overbought Correction
Structure: Downward
Moving Average: 200 SMA Support Broken, Wait for retest confirmation
Trendline: Uptrend Line Broken, Downtrend Line Still far
Pattern: Possible forming Right Shoulder of H&S
Trigger: Failed Breakdown of 107.70-108 Support, Double Bottom in place
Support: 107.60 - 108
Resistance: 109.60 - 110
Overbought and long run to an important support area, combined with rejection candle on 4H, short term rebound is likely
Wait for 1H small retracement and enter long around 108 to 108.15 area
SL: Today's Low, 107.30
1st Target: 109
2nd Target: 109.50
It is a countertrend intention, rmb to lower your position and risks.
Moving Average: 200 SMA Support Broken, Wait for retest confirmation
Trendline: Uptrend Line Broken, Downtrend Line Still far
Pattern: Possible forming Right Shoulder of H&S
Trigger: Failed Breakdown of 107.70-108 Support, Double Bottom in place
Support: 107.60 - 108
Resistance: 109.60 - 110
Overbought and long run to an important support area, combined with rejection candle on 4H, short term rebound is likely
Wait for 1H small retracement and enter long around 108 to 108.15 area
SL: Today's Low, 107.30
1st Target: 109
2nd Target: 109.50
It is a countertrend intention, rmb to lower your position and risks.
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