USDJPY Short Setup - Selling Pressure
The Bank of Japan provided nothing new during the latest update. Monetary policy tightening appears to still be a long way off.
The Fed are due to speak tomorrow nigh, but on the technical front we have a nice sell setup.
The RSI suggests the pair is oversold, whilst also running into a key resistance level on the daily time frame (exhaustion phase).
Looking closer at the candle formations, we can see consolidation taking place and bearish spinning tops - there is plenty of downside on this pair if the sellers can take control.
The Fed are due to speak tomorrow nigh, but on the technical front we have a nice sell setup.
The RSI suggests the pair is oversold, whilst also running into a key resistance level on the daily time frame (exhaustion phase).
Looking closer at the candle formations, we can see consolidation taking place and bearish spinning tops - there is plenty of downside on this pair if the sellers can take control.
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