JLJ002500
Short

USDJPY Reversal? Yes, but not quite yet

FX:USDJPY   U.S. Dollar/Japanese Yen
NO ACTIVE TRADE AT THIS TIME

Observations
1W:
snapshot

1W Observations: Volume building. Some consolidation patterns. RSI just beginning to show some bullish divergence. Strong bounced off strong support.

1D:
snapshot


1D Observations: RSI bullish divergence forming. Still in down trend. Hitting resistance.


ANALYSIS:
I believe USDJPY             will retest 105.65 support and could potentially break lower. Looking at 1W chart, there is an idea reversal zone below this support. A close above 111.93 would make my hypothesis invalid. Right now, the trend is down. There is not enough evidence supporting USDJPY             is now in a reversal.

No active positions or orders at this time. I am considering my options.
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