FinancialGamblR

USDJPY To Breach Below 114.04

Short
OANDA:USDJPY   U.S. Dollar / Japanese Yen
USDJPY seems to be moving in line with DXY for the time being. Three key points I have been watching:

1. Price hit a high of 114.465.

2. Price traded a pip lower at 114.455. The failure to breach higher is a good sign that we might be seeing exhaustion to the upside.

3. This is where I think downside momentum is picking up. Price just hit a high of 114.355, which is lower than before. The dominant bearish bar is a good signal that we should anticipate a breach below the 114.04 boundary.

Often the contrarian. Looking to take structural directional moves with high R potential in order to sustain a lower win rate. I do not disclose my position sizing, scaling, or trade management. View at your own risk.