I like the deceleration at the 93.000 level and will be waiting one more day for a confirmation candle (high test, doji
). I will be targeting the 91.200 level near term and 88.000 in extension. If the 93.000 level is broken to the upside then I will be looking to short at the 94.000 level if a signal is provided.
Confluence factors for short
-Possible high test candle
-With the trend
-Good RR (at least 2:1)
*USOIL is at a good shorting opportunity and a fall in oil
increases exports for Japan which in turn leads to yen appreciation.