As predicted in our previous analysis of USDJPY, the pair is currently retesting the 200 MA.
Here we believe bears will give it another push back down towards the bottom of the current downtrend.
USDJPY has made lower lows since coming out of the original uptrend (purple), and we expect price to respect the current downtrend (green) before breaking further towards the TP Zone.
We have a nice setup here with a tight SL just above the trendline for minimal risk and maximum reward.
Trading Ideas:
Short at 200 MA
Long if price breaks trendline up
Here we believe bears will give it another push back down towards the bottom of the current downtrend.
USDJPY has made lower lows since coming out of the original uptrend (purple), and we expect price to respect the current downtrend (green) before breaking further towards the TP Zone.
We have a nice setup here with a tight SL just above the trendline for minimal risk and maximum reward.
Trading Ideas:
Short at 200 MA
Long if price breaks trendline up
