Dollar bulls stepping aside and giving way to the yen. USD/JPY bears are looking for a close below current short-term structure. The price of the US dollar has taken a hit on Monday and might be expected to remain weak as markets get set for further US data in an oversubscribed short dollar positioning.
Meanwhile, USD/JPY is offering a potential downside opportunity according to the hour chart as follows:
1-hour chart
Following the correction and deceleration, traders can move down the lower time frames for a vantage point and to exploit any bearish structure and probable resistance that could potentially protect a stop loss.
The bears are looking for a break of 10-min support and on a restest of it, the structure would be expected to act as resistance.
This makes the structure an optimal place for entering the market protected with a stop loss above the structure.
If you find this helpful and want more FREE Updates on TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast.