Bearish outlook by FED Williams has driven USDJPY down past its 1 Day Support Level and towards its Trend Channel Support Level. Based on these two indicators, strong entrance of buyers is expected to produce a bullish pullback. Recent forming of dojis at this level also suggest presence of bulls. Lastly, oversold RSI level indicate possible reversal.
Trade: Look at incoming JPY CPI data for confirmation of trade. If results turn out to be negative, this would add extra buying pressure to the bulls. Long if results are negative. If results are positive, observe the price action of the market before making a trade. Conservative T/P level would be the 0.236 retracement level, @ 107.659.
Trade: Look at incoming JPY CPI data for confirmation of trade. If results turn out to be negative, this would add extra buying pressure to the bulls. Long if results are negative. If results are positive, observe the price action of the market before making a trade. Conservative T/P level would be the 0.236 retracement level, @ 107.659.